Hess Announces New Oil Find In Guyana

GUYANA – U.S. oil and energy company, Hess, announced a “significant new discovery” in Guyana yesterday. 

The 30 percent joint venture partner in the Stabroek block, said the fangtooth se-1 well encountered approximately 200 feet of oil-bearing sandstone reservoirs, adding to the Stabroek Block’s gross discovered recoverable resource estimate of more than 11 billion barrels of oil equivalent. 

The company said the recent discovery “has the potential to underpin a future oil development.” 

The Ministry of Natural Resources says it is currently working with Exxon who is completing an analysis.