Government of Guyana welcomes new oil discovery at Lancetfish-1

The Ministry of Natural Resources, in compliance with the Government of Guyana’s principles of transparency, is pleased to announce a  new oil discovery offshore – Lancetfish-1 – in the prolific Stabroek Block. The Government of Guyana welcomes the continued success of exploration and discovery work conducted by the Stabroek Block consortium – Esso Exploration and  Production  Guyana  Limited  (EEPGL), Hess Corporation, and China National Offshore Oil Corporation (CNOOC).

Drilled by the Noble Don Taylor, the Lancetfish-1 well encountered approximately 92 feet (28 meters) of high-quality oil-bearing sandstone. The well was drilled in 5,843 feet (1,780  meters)  of water and is located approximately four miles  (seven kilometres) southeast of the Fangtooth discovery. This new discovery takes the Stabroek Block oil finds to 39, with total offshore discoveries advancing to 44.

Noting that this new discovery adds to Guyana’s growing legacy as an oil-producing and exporting nation,   Minister of   Natural   Resources,   Hon.   Vickram   Bharrat,   M.P., reaffirmed the government’s commitment to ensuring that the hydrocarbons sector is sustainably and judiciously managed.   The revenue earned from this sector,  he reminded,  will be prudently invested to transform the nation’s social and economic landscape.

“The Guyana government is devoted to ensuring that the benefits of Guyana’s petroleum resources benefit all Guyanese, paving the way for a thriving future. With the nation’s third and largest floating, production, storage, and offloading (FPSO) vessel – Prosperity– joining the current fleet, our pledge to guarantee that this sector is managed against industry standards remains unmoved,” Minister Bharrat assured.

Prosperity’s startup is anticipated for later this year. It will join the Liza Destiny and Liza Unity FPSOs which are currently producing 380,000 barrels of oil daily.

The Ministry of Natural Resources will continue to work closely with its partners to ensure that all exploration and production activities in the Stabroek Block are conducted in an environmentally safe and economically viable manner.