ExxonMobil has discovered additional oil resource in the Payara reservoir in offshore Guyana, improving the discovery's potentiality to approximately 500 million oil-equivalent barrels.
The discovery also increases the estimated gross recoverable resource from the Stabroek Block, which hosts Payara, to between 2.25 billion and 2.75 billion oil-equivalent barrels.
ThePayara-2 well was drilled to 5,812m in nearly 2,135m of water by ExxonMobil affiliate Esso Exploration and Production Guyana, encountering 18m of high-quality, oil-bearing sandstone in the Payara field.
It is situated about 20km north-west of the recently funded Liza phase I project on the Stabroek Block.
ExxonMobil Exploration Company president Steve Greenlee said: "Payara-2 confirms the second giant field discovered in Guyana.
"Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world-class oil developments and deliver substantial benefits to Guyana.
“We are committed to continue to evaluate the full potential of the Stabroek Block.”
The Stabroek Block comprises 6.6 million acre area and is operated by Esso Exploration and Production Guyana with a 45% interest.
The remaining partners are Hess Guyana Exploration owning 30% interest and CNOOC Nexen Petroleum Guyana with 25% interest.
The development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel
Last month, the company made the final investment decision to advance the first phase development for the Liza field.which will be able to produce up to 120,000bpd of oil.