LatinNews Daily - 27 April 2023

In brief: Guyana hails new oil find

* Guyana’s ministry of natural resources has announced a new offshore oil discovery– Lancetfish-1 – in the prolific Stabroek Block. In a statement welcoming the “continued success of exploration and discovery work” conducted by the Stabroek Block consortium (which comprises Esso Exploration and Production Guyana Limited [EEPGL], an affiliate of US oil giant ExxonMobil, US firm Hess Corporation, and China’s China National Offshore Oil Corporation [CNOOC]), drilling at the Lancetfish-1 well encountered approximately 28m of high-quality oil-bearing sandstone. According to the Guyanese government, this new discovery, which is the second by the consortium this year, takes the Stabroek Block oil finds to 39, with total offshore discoveries advancing to 44. An ExxonMobil statement noted that over 5,000 Guyanese are now employed in supporting activities in the country, while the firm and its key contractors are also utilising the services of nearly 1,000 unique local Guyanese suppliers. EEPGL is the operator and holds 45% interest in the Stabroek Block, which is 26,800km2, while Hess holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.

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