CEO Cnooc Ltd

By Michael Dabaie

Exxon Mobil Corp. (XOM) said Monday it increased its estimate of the discovered recoverable resources for the Stabroek Block, offshore of Guyana, to more than 4 billion oil-equivalent barrels.

The company said it advanced its evaluation to support a third phase of development and consideration of two additional phases.

Exxon affiliate Esso Exploration and Production Guyana Limited is the operator and holds a 45% interest in the 6.6 million-acre Stabroek Block. Hess Guyana Exploration Ltd. holds a 30% interest and CNOOC Nexen Petroleum Guyana Limited holds a 25% interest.

The previous recoverable resource estimate was 3.2 billion oil-equivalent barrels, Exxon said.

The collective discoveries on the Stabroek Block have established potential for up to five floating production, storage and offloading vessels producing over 750,000 barrels per day by 2025, Exxon said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

July 23, 2018 08:55 ET (12:55 GMT)

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