US oil supermajor Exxon Mobil said on Tuesday that one of its subsidiaries has made another big discovery offshore the South American country of Guyana.
Irving, Texas-based Exxon said the find was made in the Payara reservoir at its Payara-2 well. Combined with previous discoveries there, Exxon now estimates the reservoir to have a potential 500 million barrels of oil equivalent (boe).
If correct, it would increase the total potential in Guyana’s Stabroek Block to a possible 2.75 billion barrels.
Exxon subsidiary Esso Exploration and Production Guyana is the major partner (with 45%) and the operator of the Stabroek Block, along with Hess Guyana Exploration (30%) and CNOOC (25%).
The Payara well, approximately 130 miles off Guyana, was drilled to about 19,000 feet in around 7,000 feet of water.