News wire — Exxon Mobil Corp raised its recoverable resources estimate at offshore Guyana by 2 billion oil-equivalent barrels (boe) on Monday, as it continues to develop one of the most prolific oil and gas blocks of the last decade.
Exxon and partners Hess Corp and China’s CNOOC started production at the promising Stabroek Block ahead of schedule in December, after discovering more than 6 billion barrels of recoverable oil and gas.
Recoverable oil is accessible by existing drilling technologies and is profitable to pump at current prices.
The oil major now expects the Stabroek Block to hold over 8 billion boe and said it has made its sixteenth discovery on the block at the Uaru exploration well.
The new find continues the company’s long string of discoveries and underscores the importance of Guyana to Exxon and its partners, and for global oil supplies.
Uaru would be added to the resource estimates at a later date, Exxon said.
A vessel carrying Guyana’s first-ever shipment of crude had set sail last week, bound for the U.S. Gulf Coast, marking the tiny South American nation’s long-awaited debut as an oil exporter.
Production from the Liza Phase 1 development is currently ramping up and it will produce up to 120,000 barrels of oil per day in the coming months, the company said.
Exxon is scheduled to report fourth-quarter earnings later this week on Jan. 31.