Energy

ExxonMobil makes new discovery off Guyana's coast

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A logo of 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/File Photo

July 28 (Reuters) - Exxon Mobil Corp (XOM.N) has made a new discovery at Whiptail in the Stabroek Block offshore Guyana, the U.S. oil major said on Wednesday, as it develops one of the world's most important new oil and gas blocks in the last decade.

The company operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess Corp (HES.N) and China's CNOOC Ltd (0883.HK). It began production at the block in 2019.

Exxon said on Wednesday the new find would add to the previous recoverable resource estimate of 9 billion oil equivalent barrels. However, it did not specify the size of the latest discovery's oil and gas reserves.

"This discovery increases our confidence in the resource size and quality in the southeast area of the Stabroek Block and could form the basis for a future development as we continue to evaluate the best sequence of development opportunities within the block," said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.

The Whiptail discovery is located about four miles southeast of the Uaru-1 discovery that was announced in January 2020 and about three miles west of the Yellowtail field.

ExxonMobil expects at least six projects online by 2027 and sees potential for up to 10 projects to develop its current recoverable resource base.

Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber

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