ExxonMobil confirms oil discovery offshore Guyana

Drilling results from the Liza-2 well, the second exploration well in the Stabroek block offshore Guyana, confirm a discovery with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels, noted Exxon Mobil Corp. (NYSE:XOM).

The Liza wells are located in the Stabroek block approximately 120 miles (193 kilometers) offshore Guyana. Data from the successful Liza-2 well test is being assessed.

The Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd., approximately 2 miles (3.3 km) from the Liza-1 well. The Liza-2 well encountered more than 190 feet (58 meters) of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 17,963 feet (5,475 meters) in 5,551 feet (1,692 meters) of water.

The Stabroek block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Ltd. is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Ltd. holds 25% interest.

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