December 3, 2018 / 2:07 PM / 16 days ago

Exxon expects 25 percent more oil from Guyana's offshore block

A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

(Reuters) - Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain 25 percent more recoverable oil than previously estimated, the companies said on Monday.

Exxon and Hess Corp said more than 5 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.

The companies had previously estimated 4 billion barrels of oil equivalent could be recovered from the block.

The block has “potential for at least five FPSOs (floating storage, production and offloading vessels) producing more than 750,000 barrels of oil per day by 2025,” Hess Chief Executive Officer John Hess said.

China’s CNOOC is also part of the consortium.

Reporting by Shanti S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty

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