Hess reports new oil discovery offshore Guyana

by Keshav Hrishikesh- Energy company Hess has reported a significant oil discovery offshore Guyana. The New York Stock Exchange-listed, US-headquartered company reported the find in its Q4 results 25 January, saying it could result in development in the future.

“The Fangtooth SE-1 well encountered approximately 61 m of oil-bearing sandstone reservoirs. Fangtooth adds to the block’s gross discovered recoverable resource estimate of more than 11Bn barrels of oil equivalent,” Hess said.

The new Fangtooth SE-1 well is located approximately 13 km southeast of the original Fangtooth-1 discovery. Drill rig Stena Carron drilled Fangtooth SE-1 in 1,645 m of water. Further appraisal activities are underway, according to Hess, which also reported its development plan for Uaru, the fifth development on the Stabroek Block, had been submitted to the Government of Guyana for approval in Q4. The project is expected to have a capacity of approximately 250,000 barrels of oil per day, with first oil anticipated at the end of 2026.

Canadian firm CGX Energy announced the spud of the Wei-1 well on the Corentyne block offshore Guyana. CGX and its joint venture partner Frontera Energy Corp began drilling the well, located about 200 km offshore from Georgetown, following the approval of an appraisal plan submitted to the Government of Guyana.

After completing drilling operations and analysing the results, the partners said they may consider future wells to the appraisal programme to evaluate development feasibility in the Kawa-1 discovery area and throughout the northern section of the Corentyne block.

CGX said, “Any future drilling is contingent on positive results at Wei-1,” adding the joint venture has “no further drilling obligations beyond the Wei-1 well.”

Wei-1 is located approximately 14 km northwest of the previously Kawa-1 light oil and condensate discovery and will be drilled in water depth of approximately 583 m to an anticipated total depth of 6,248 m targeting the Maastrichtian, Campanian and Santonian aged stacked sands within channel and fan complexes in the northern section of the Corentyne block. (Riveramm.com)