[LOOP NEWS] Guyana: Hess announces new oil find

Barrels with oil (Photo credit: iStock/Jaromir Ondra)

The US oil and energy company, Hess, on Wednesday announced a “significant new oil discovery” at Fangtooth SE-1, one year after the original Fangtooth-1 discovery.

Hess, the 30 per cent 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.”

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3 Comments

  1. DeArAb
    January 27, 2023

    A business success is determined by its ability to sell its products. If one is unable to sell, this will result in one going out of business. Therefore, what NEW has Dominica exported over the last three (3) years? If we are not exporting, then we are not selling. If we are not using CBI income to boost our export and production industry for the future, then what will happen when there is no more CBI?
    What NEW did we do 2010 to 2014?
    What NEW did we do 2014 to 2017?
    Once again, what NEW did we do over the last 3 years?

    Therefore, the main question we should ask: Is Dominica, going out of Business?

  2. Ibo France
    January 26, 2023

    Guyana is well poised for major economic grow for the foreseeable future. Good for them.

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