US oil company announces more oil find in Guyana


 The US-based Hess Corporation Wednesday that it had discovered more oil in the Stabroek Block offshore Guyana.

“The Lancetfish-1 well encountered approximately 92 feet of oil bearing sandstone reservoir. The well was drilled in 5,843 feet of water by the Noble Don Taylor and is located approximately four  miles southeast of the Fangtooth discovery,” Hess said in a statement.

The US oil company, which hold a 30 per cent stake in the consortium led by Exxon Mobil Corporation that has made more than 30 discoveries in the Caribbean Community (CARICOM) country’s offshore waters since 2015.

Hess said the consortium sold nine cargos of crude oil from Guyana in the first quarter ended March 31, compared with two cargos in the year-ago quarter.

But it acknowledged that the Kokwari-1 exploration well, which was drilled during the quarter, did not encounter commercial quantities of hydrocarbons.

Hess has since raised its full-year production outlook by nearly three per cent to 365,000 barrels of oil equivalent per day (boepd) to 375,000 boepd, citing strong operational performance during the first three months of 2023.

For the reported quarter, net production rose 35.5 per cent to 374,000 boepd, primarily due to higher output in Guyana and the North Dakota’s Bakken shale field.

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  1. Show me the money.Show the Guyanese the money.Good for the people of Guyana and the Country as a whole.Just hoping that all of those sudden funds trickles down to the lowest persons.Not just families,friends and concubine,of those in positions of leadership. Lakka inna Antigua.

  2. Wow wow wow wow at least they are honest enough to report their findings. What I am seeing that these companies operating in the less develop Countries continue to rip off the resources by way of stingen agreements I don’t know how many years that Guyana Government have signed I’m hoping that Clauses in the agreement are negotiated annually Base on findings and production We have seen what is happening in several African Countries especially where the French Tycoons operate many of the Africans States today are expeling these races people We have seen the resources of Haiti especially the Minerals to include the Lithium the most Expensive commodity imagine that the Richest Country in the Western Hemisphere and still the Poorest the Economic Freedom Fighters of Haiti will continue to fight for equal sheer of the wealth

    • Oh please. These less developed countries wouldn’t even know they have oil unless an organized company come and told them so. Also, they wouldn’t be able to access the same oil without an organized company. The oil is not located where you can go out and pick it with your hand. It is beneath thousands of feet of water which is not an easy task.

      These less developed countries continue to spend money and time on carnival and luxury items instead of investing to make themselves more able and productive. From the money from the first barrel of oil a Rolls Royce Phantom special edition car was brought into Guyana. Should we blame the USA for this? Every shiny thing they see on TV they want.

      Haiti is the poorest country in the Western hemisphere because of the behaviour of the people. Cuba which is communist is even better organised than them and Cuba was the receiving end of embargoes for years. Cuba was able to produce health professionals and other experts even against these odds. Haiti has the latest everything in luxury items but don’t want to buy books. A people without knowledge can not succeed in today’s world. Don’t blame other people for their dumb decisions.

  3. I have always wondered why white countries, Europe, Canada etc, are considered first world countries with some having limited natural resources. We see how beautiful and clean their environments are and how they maintain their infrastructure. They have a mostly educated and ambitious population. Now here we have a group of mostly non white countries with most of the world’s natural resources, and they are mismanaged, filthy and their resources stolen. They are referred to as third world countries. In a lot of cases, these so-called third world countries are ruled by corrupt greedy tyrants who care only about stealing the countries’ resources to enrich themselves.
    I have followed the Guyana news and it appears that the Guyanese people have been cheated out of their oil revenues, either because the government signatories to the original agreements had no idea what they were doing or that there were some underhand dealings of corruption.
    Everyone hopes that the oil wealth of Guyana will flow to the people, but what we are hearing is that only some people are getting rich.
    The African country of Angola is one of the world’s major oil producers and the vast majority of its people live in poverty. In the meantime, the daughter of the ex president is a multi billionaire. Most of her money is banked in Europe. This is why there are first and third world countries.
    By the way, where are the second world countries? Total disdain for non white countries, that we are not even considered second world.

  4. I don’t care what why when where which or who. It’s high time the Guyana dollar ranks as high as the white man money.

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