ExxonMobil strikes oil again in offshore Guyana

ExxonMobil (NYSE:XOM) has announced its fifth new oil discovery off the coast of Guyana after drilling the Turbot-1 well, adding to the Liza, Payara, Snoek and Liza Deep finds in the offshore region.

The US-based oil major said its affiliate Esso Exploration and Production Guyana Ltd began drilling the well in August 2017 and struck high-quality, oil-bearing sandstone in a reservoir of 75 feet.

The well is located in the Southeastern portion of the Stabroek Block, about 210km offshore Guyana, and approximately 50km to the Southeast of the Liza phase one project.

“The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” said ExxonMobil Exploration Company’s president Steve Greenlee.

“ExxonMobil, along with its partners, will continue to further evaluate opportunities on the Stabroek Block.”

The company’s continued finds in the offshore region are significant for Guyana as the South American nation currently produces no oil.

However, global oil and gas consultancy group Wood Mackenzie expects the discoveries to propel Guyana into becoming one of Latin America’s top oil producers by 2026, with an output of up to 400,000 barrels per day.