MIAMI, Florida — Exxon Mobil Corp. (NYSE:XOM) has made a significant oil discovery on the Stabroek block about 120 mi (193 km) offshore Guyana.
The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 ft (90 m) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 ft (5,433 m) in 5,719 ft (1,743 m) of water.
The Stabroek block is 6.6 million acres (26,800 sq km).
“I am encouraged by the results of the first well on the Stabroek block,” said Stephen M. Greenlee, president of ExxonMobil Exploration Co. “Over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block.”
Esso Exploration and Production Guyana Ltd. holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Nexen Petroleum Guyana Ltd. holds 25% interest.