With the disclosure of a new discovery, Exxon Mobil Corp has raised its Guyana oil estimates by 2 billion barrels. In the last ten years, the international oil and gas company continues to develop one of the most important new oil and gas blocks in the world.
The new discovery underscores the importance of Guyana to Exxon for increasing its future oil output as well as continues an Exxon-led consortium’s long string of discoveries in Latin America’s newest crude producing nation.
Production started ahead of schedule in December by Exxon, Hess Corp and CNOOC at the Stabroek block. Total recoverable oil and gas resources brought to more than 8 billion barrels due to the latest discovery.
By the existing drilling technologies, recoverable oil is accessible and is profitable to pump at current prices.
