Fossil Energy – ExxonMobil
The Kaieteur and Canje Blocks are among Guyana’s offshore assets outside the prolific Stabroek Block.
At the Kaieteur Block, ExxonMobil was the operator and holding 35% interest, with Ratio Petroleum Energy 25%, Cataleya Energy 20% and Hess Corporation 20%. In 2023, ExxonMobil and Hess exited the asset.
ExxonMobil had said it was faced with a ‘drill or drop decision at the Kaieteur Block. The decision was also driven by the project’s failure to meet ‘investment hurdles’ given the complex realities of oil and gas exploration.
Tanager-1 was the first well drilled in the Kaieteur Block. It reached a total depth of 7,633 meters. Evaluation of logging while drilling (LWD), wireline logging and sampling data confirmed 16 meters of net oil pay in high-quality sandstone reservoirs of Maastrichtian age. Preliminary evaluation of fluid samples from the Maastrichtian reservoir indicated heavier oil than is reported from the Liza Phase I producing field crude assays.
The discovery was deemed to be non-commercial as a standalone development, and the well was plugged and abandoned. Tanager-1 had indicated the presence of 65.3 million barrels. The find was deemed too small to be commercial as a standalone development.
The Canje Block is operated by ExxonMobil, which holds a 35% stake. TotalEnergies also holds 35%. JHI Associates holds 17.5%, while Mid-Atlantic Oil & Gas holds the remaining 12.5%.
ExxonMobil drilled three exploration wells in the Canje Block.
