Exxon Mobil Finds Even More Oil In Guyana
January 27 2020 - 9:09AM
Dow Jones News
By Micah Maidenberg
Exxon Mobil Corp. (XOM) said it has made another oil discovery
in Guyana, its 16th find in the waters located near the coast of
the South American nation.
The latest discovery will expand on what is already a large
volume of oil and gas in the offshore Stabroek block. Exxon said
Monday it would add the latest discovery to its resource estimate
for the field at a later date.
The company also said it now believes its resource base in
Guyana's offshore waters stands at more than more than 8 billion
barrels of oil equivalent, an increase of 2 billion barrels over
its previous estimate.
The new discovery at the Uaru exploration well covers 94 feet of
a high-quality oil-bearing sandstone reservoir, Exxon said.
The Uaru well is located about 10 miles northeast of the
Stabroek block's Liza field, where the Irving, Tex.-based oil
company began producing oil in December. That effort is now ramping
up and will generate up to 120,000 barrels of oil per day in the
coming months, Exxon said.
Exxon is developing the Stabroek block as part of a venture with
Hess Corp. (HES) and China's CNOOC Ltd. (0883.HK.
Energy investors and companies have been focused on Guyana and
its neighbor to the east, Suriname, amid a string of oil
discoveries.
Earlier this month, Apache Corp. (APA) and Total SA (TOT) said
they found a significant amount of oil off the coast of
Suriname.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 27, 2020 08:54 ET (13:54 GMT)
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