By January 12, 2017 Read More →

Exxon Mobil discovers new oil reservoir offshore Guyana


The exploration project Guyana is led by Exxon, along with Hess Corp and a unit of CNOOC.

Guyana reservoir contains 100-150 million barrels of oil

Jan 12 (Reuters) – Exxon Mobil Corp said on Thursday drilling results from a third exploration well offshore Guyana showed a new reservoir containing 100-150 million barrels of oil equivalent.

The discovery at the Stabroek block is off a border region that is claimed by Venezuela in a territorial controversy dating back more than a century, even though the area functions in practice as Guyanese territory.

The Payara field discovery is about 10 miles (16 km) northwest of Exxon’s 1.4-billion barrel Lizaoil discovery.

The exploration project is led by Exxon, with Hess Corp and an unit of CNOOC Ltd also holding stakes.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)


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