Exxon Mobil has made a new oil discovery following drilling at the Pacora-1 exploration well in offshore Guyana.

The development marks the company’s seventh oil discovery off the coast of the country.

The well was drilled to a depth of 18,363ft in 6,781ft of water and encountered around 65ft of oil-bearing sandstone reservoir.

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

“Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000bpd.”

Previous discoveries made by the company on the Stabroek Block were at Liza, Payara, Liza Deep, Snoek, Turbot, and Ranger.

“Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000bpd.”

The resources discovered are planned to be integrated into the Payara field development.

Upon completion of the Pacora-1 well, the company will move the Stena Carron drillship to the Liza field.

The drillship will be used to drill the Liza-5 well and complete a well test, with it then undertaking additional exploration and appraisal drilling on the block.

ExxonMobil’s affiliate, Esso Exploration and Production Guyana (EEPGL) operates the Stabroek Block, which is spread over 6.6 million acres with a 45% interest.

Other stakeholders in the block include Hess Guyana Exploration and CNOOC Nexen Petroleum Guyana, holding 30% and 25% interests respectively.