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On January 5, ExxonMobil announced that it had made two oil discoveries
at the Fangtooth-1 and Lau Lau-1 wells in the Stabroek block of the Guyana Sea.
The new discovery will allow for a further increase in the block's recoverable resources (previously announced at an estimated 10 billion barrels of oil equivalent).
The Fangtooth-1 well is drilled in a high-quality oily sandstone reservoir about 50 meters thick and is located in 1,838 meters of water
about 18 kilometers northwest of the Lisa field.
The Lau Lau-1 well is drilled in a high-quality oil-containing sandstone reservoir of approximately 96 metres and is located in 1,461 metres deep water
about 68 km southeast of the Lisa field.
The two wells were drilled by the Stena DrillMAX and Noble Don Taylor drillships
.
Currently, a total of 6 drillships support the exploration and development
of 3 blocks of ExxonMobil operating offshore in Guyana.
Mike Kazens, ExxonMobil's senior vice president of exploration and new projects, said: "The preliminary results of these two wells are a positive signal for Guyana and further demonstrate the growing potential
of the country's oil and gas industry.
Fangtooth's discovery is the successful result of our test of a more far-reaching scenic strategy, with Lau Lau finding increasing development opportunities
in the southeastern part of the Starbrook block.
These two findings increase our understanding of the block's resources and confidence in
the exploration potential.
We believe that the findings to date could lead to as many as 10 development projects
.
”
In addition, the infrastructure for future oilfield development continues to make progress
.
The Lisa Unity Floating Production Storage and Unloading Tanker (FPSO), which is being connected and commissioned after arriving in Guyana waters last October, is expected to begin production in the first quarter of this year, with the goal of peaking oil production to 220,000 bpd
.
"Boom" FPSO will develop a third project, the Payara field, whose hull has been completed and is undergoing upper construction activities in Singapore, scheduled to start production
in 2024.
The fourth potential project, Yellowtail's oilfield development plan and environmental impact assessment, has been submitted to the government and regulators for review
.
ExxonMobil said these new projects will continue to boost Guyana's economy
.
More than 3,200 Guyanese are currently employed in related project activities, and ExxonMobil and its key contractors have spent more than $540 million
on more than 800 local companies since 2015.