ExxonMobil says it has hit oil at its ultra-deep-water Payara-1 well offshore Guyana, with spokesmen calling it an “important” discovery.
It is the US supermajor’s second find in the Stabroek Block off the South American country, which is a newcomer to the global oil business. Exxon has already had big finds at its Liza discovery, also off Guyana.
The Payara-1 find is more than 95 feet of high-quality, oil-bearing sandstone reservoirs drilled to 18,080 feet in 6,660 feet of water.
Exxon’s local subsidiary Exxon E&P Guyana operates the Stabroek Block along with JV partners Hess Guyana Exploration and CNOOC Nexen Petroleum Guyana.
This find is about 10 miles northwest of Exxon’s big 2015 discovery at Liza.
As well as the Payara find, Exxon also announced another discovery at Liza-3, it being a high-quality reservoir below the Liza field, believed to contain between 100m and 150m oil equivalent barrels.