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ExxonMobil has increased the gross recoverable resource estimate for the Stabroek Block offshore Guyana by nearly one billion oil-equivalent barrels following a significant discovery.

The updated resource estimate is approximately ten billion barrels of oil equivalent, including the new discovery at the Cataback-1 well.

Cataback is the 21st significant discovery within the Stabroek Block.

The well encountered around 243ft (74m) of net pay in high-quality hydrocarbon-bearing sandstone reservoirs.

Cataback is located around 3.7 miles east of Turbot-1. It was drilled in 5,928ft of water by the Noble Tom Madden.

ExxonMobil senior vice-president of exploration and new ventures Mike Cousins said: “This discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential.

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“Our proprietary technologies, global exploration experience and drilling capabilities continue to yield positive results in the Stabroek Block, which will generate additional value for Guyana.”

The Stabroek Block includes an area of around 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana operates the block with a 45% stake. Other stakeholders are Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).

Hess CEO John Hess stated: “We are pleased that Cataback is our 21st significant discovery on the Stabroek Block and further underpins the potential for future developments. We continue to see multibillion barrels of additional exploration potential remaining on the block.”

Last month, ExxonMobil discovered oil by drilling the Tripletail-1 well in the Turbot area of Stabroek Block. Tripletail-1 encountered 108ft of a high-quality oil-bearing sandstone reservoir.