Hess Corporation has discovered a new oil reserve on the Stabroek Block in offshore Guyana.

Hess Corporation has discovered a new oil reserve at the Lancetfish-1 well on the Stabroek Block in offshore Guyana. The well, located around 4 miles southeast of the Fangtooth discovery, was drilled by the Noble Don Taylor in 5,843 feet of water and found approximately 92 feet of oil-bearing sandstone reservoir. Additionally, Hess has disclosed that Kokwari-1 exploration well was drilled in the first quarter of the year but did not find commercial quantities of hydrocarbons. Hess has a 30% stake in the Stabroek Block, ExxonMobil is the operator with a 45% interest, and CNOOC holds a 25% stake. In 2023, ten wells are planned for the Stabroek Block.