ExxonMobil announces second oil discovery offshore Guyana

ExxonMobil announces second oil discovery offshore Guyana

ExxonMobil (NYSE:XOM) has announced a new discovery at its Paraya-1 well offshore Guyana, its second discovery in the region following success at Liza.

The global oil giant said it discovered over 95 feet of ‘high quality, oil bearing sandstone reservoirs’ at Paraya-1. The well was drilled in a new reservoir and is the second such discovery in the 6.6 million acre Stabroek Block.

The Paraya-1 well, which is around 10 miles northwest of the 2015 Liza discovery, targeted similar aged reserves that were proven successful at Liza.

“This important discovery further established the area as a significant exploration province,” said Steven Greenlee, president of ExxonMobil Exploration Company. “We look forward to working with the government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”

In addition to the new Paraya discovery, appraisal drilling at Liza-3 revealed an additional high quality, deeper reservoir directly below the Liza field, which Exxon estimates contains between 100-150 million oil equivalent barrels.

“These latest exploration successes are examples of ExxonMobil’s technological capabilities in ultra-deepwater environments, which will enable effective development of the resource for the benefit of the people of Guyana and our shareholders,” Greenlee said.

Exxon affiliate Esso Exploration and Production Guyana Limited is operator of the Stabroek Block and holds a 45% interest, Hess Guyana Exploration is a 30% stakeholder and CNOOC Nexen Petroleum Guyana Limited holds the remaining 25%.

@RGNonline