{"id":144544,"date":"2022-01-05T10:18:40","date_gmt":"2022-01-05T14:18:40","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=144544"},"modified":"2022-01-05T10:18:40","modified_gmt":"2022-01-05T14:18:40","slug":"guyana-scores-big-again-as-exxon-hits-two-more-discoveries","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/guyana-scores-big-again-as-exxon-hits-two-more-discoveries\/","title":{"rendered":"Guyana scores big again as Exxon hits two more discoveries"},"content":{"rendered":"
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OIL NOW: ExxonMobil and the Government of Guyana today announced two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana.<\/p>

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The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. The Lau Lau-1 well encountered approximately 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs. The well was drilled in 4,793 feet (1,461 meters) of water and is located approximately 42 miles (68 kilometers) southeast of the Liza field.<\/p>\n

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These discoveries will add to the previously announced recoverable resource estimate for the block, of 10 billion oil-equivalent barrels.<\/p>

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\u201cInitial results from the Fangtooth and Lau Lau wells are a positive sign for Guyana and continue to demonstrate the potential for the country\u2019s growing oil and gas sector, ExxonMobil and our co-venturers in the Stabroek block,\u201d said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.<\/p>

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\u201cThe Fangtooth discovery is a successful result of our strategy to test deeper prospectivity, and the Lau Lau discovery adds to the large inventory of development opportunities in the southeast part of the Stabroek block. Both discoveries increase our understanding of the resource, our continued confidence in the block\u2019s exploration potential, and our view that the many discoveries to date could result in up to 10 development projects,\u201d added Cousins.<\/p>\n

Guyana\u2019s Minister of Natural Resources, Vickram Bharrat said the government remains confident that these two additional discoveries will further strengthen Guyana\u2019s position as a country with world-class discoveries of high-quality hydrocarbons. He said too that the administration will continue engaging all stakeholders towards the exponential development of these resources for all Guyanese while maintaining a social, economic, and environmental balance. In addition, Mr. Bharrat said the government is continually examining possibilities to strengthen oversight and management of the exploration programmes of all operators to further expand the sector through commercial discoveries.<\/p>

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