ExxonMobil makes additional oil discovery offshore Guyana

ExxonMobil Corporation (XOM) said that it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels.

These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels and 2.75 billion oil-equivalent barrels.

The well was successfully drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited and encountered 59 feet (18 meters) of high-quality, oil-bearing sandstone in the Payara field.

Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

“Payara-2 confirms the second giant field discovered in Guyana. Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments and deliver substantial benefits to Guyana. We are committed to continuing to evaluate the full potential of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil Exploration Company.