Exxon Mobil Corporation announced today its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well.

ExxonMobil encountered approximately 65 feet of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet depth in 6,781 feet of water. Drilling commenced on January 29, 2018.

“This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil Exploration Company.

“Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day,” Greenlee said according to a report by Demerara Waves online news site.

Initially, ExxonMobil had projected daily output from 2020 at 120,000 barrels per day. Guyana is entitled to 2 percent royalty and 12.5 percent of the overall production which amounts to half of the oil profits.

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