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In its Payara reservoir, offshore of Guyana, ExxonMobil Corp. (ticker: XOM) discovered an additional accumulation of oil. The discovery increased ExxonMobil’s estimated oil in the Payara reservoir to 500 MMBOE, and the total estimated gross recoverable resource in the Stabroek Block to between 2.25 and 2.75 BBOE.

Esso Exploration and Production Guyana Limited, an affiliate company of ExxonMobil, found 59 feet of oil-bearing sandstone while drilling in the Payara field. The offshore well was drilled to a depth of 19,068 feet, in approximately 7,000 feet of water and is situated 12 miles northwest of the company’s Liza phase 1 project—also in the Stabroek Block.

The well, Payara-2, represents “the second giant field discovered in Guyana,” according to Steve Greenlee, president of ExxonMobil Exploration Company in the press release.

The Stabroek Block itself is approximately 6.6 million acres, 130 miles off the coast of Guyana, and is operated by Esso Exploration and Production Guyana Limited—which holds a 45% interest in the development.


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