ExxonMobil has struck another oil discovery offshore Guyana and has raised its estimate for recoverable resource base in Guyana to more than 8 billion barrels of oil equivalent. This is a 2 billion barrel increase compared to the previous estimate.

The company on Monday announced an oil discovery – its 16th at the Stabroek Block. The discovery was made at the Uaru exploration well, northeast of the Liza oil field which was put in production in December 2019 via the Liza Destiny FPSO.

Uaru encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet (1,933 meters) of water, is located approximately 10 miles (16 kilometers) northeast of the Liza field, which began producing oil in December 2019.

ExxonMobil said the new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019.

The Uaru discovery is the first of 2020 and will be added to the resource estimate at a later date.

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