Another Discovery in Offshore Guyana
Offshore Guyana is becoming more and more lucrative for oil & gas exploration. Many discoveries have been reported in recent past by various operators specially by ExxonMobil. The latest one is by CGX Energy Inc. and Frontera Energy Corporation announced a oil discovery at the Wei-1 well, on the Corentyne block, approximately 200 km offshore from Georgetown, Guyana.?
The Wei-1 well encountered 210 ft of hydrocarbon bearing sands. The details are still awaited as the company is analysing the data acquired. Due to a tool failure downhole, oil samples were not obtained.
Earlier the Joint Venture has announced discovery nearby with 77 ft of net pay. Fluid samples retrieved indicated the presence of light crude and medium crude oil from the two reservoir zones.
The exploratory block includes the channel complexes discovered by the Kawa-1 and Wei-1 wells, and more prospective channel complexes yet to be evaluated.
https://worldoil.com/news/2023/6/28/cgx-frontera-make-major-oil-discovery-offshore-guyana/?oly_enc_id=4913B0500589G4X
A consortium led by ExxonMobil discovered the first major oil deposits in May 2015 more than 100 miles (190 kilometers) off Guyana, one of the poorest countries in South America despite its large reserves of gold, diamond and bauxite.
Liza-1 well was the first significant oil find by Exxon led consortium in offshore Guyana. It encountered around 90 meters of oil bearing sandstone reservoirs. The well was drilled about 5 km below the sea bed. Since then, Exxon led consortium announced more than 30 additional discoveries. The recent one is Lancetfish-1 well in the?Stabroek block.
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ExxonMobil and its partners have made a new oil discovery in the?Stabroek block offshore Guyana through the drilling of the Lancetfish-1 well.
ExxonMobil has established more than 11 billion barrels of oil equivalent resources offshore Guyana, spanning?over 35?discoveries since 2015 in the Stabroek Block.
Currently, ExxonMobil?is the first and largest oil producer in Guyana, and is the operator of the three Blocks offshore Guyana.
The?Exxon-led group?inaugurated production in 2019 and has budgeted $42.7 billion for the five approved development projects in Guyana. Consortium is expected to produce more than 1 million barrels of oil +OEG per day by late 2026.
Recently, Guyana's high court handed down a historic ruling in May against both the country's Environmental Protection Agency and Exxon Mobil's subsidiary in the region. It is to be seen how is the smooth sailing for Exxon and other companies in Offshore Guyana.
Professor and Industry Fellow at University of Petroleum & Energy Studies (UPES)
1 年Ranger I have seen as a prospect , it was expected to be a carbonate mound in deep water and the striking observation that this huge block has both turbidities and carbonates . Oil major partnering this JV walked out just before the first Liza discovery surely a major loss.
Adjunct Faculty at Calcutta University Geology department
1 年Indeed an excellent development, congrats to the whole team. OVL can make a JV with some operating company to use this major hot spot of hydrocarbon exploration. It will be beneficial for both countries.
Domain Expert - Exploration at Oil India Limited
1 年Great news sir