Exxon announces another Guyana discovery, adding to 30-plus Stabroek oil finds (NYSE:XOM)

Exxon Mobil (NYSE:XOM) stated late Friday it made one other oil and fuel discovery within the prolific Stabroek block offshore Guyana, its first introduced discovery within the South American nation this yr.

The Bluefin effectively encountered 197 ft of hydrocarbon bearing sandstone and was drilled in 4,244 ft of water, the corporate stated, with out releasing any additional particulars.

The Bluefin discovery provides to greater than 30 since 2015 within the 6.6M-acre Stabroek block that has been the positioning of greater than 11B barrels of recoverable oil and fuel sources.

The Exxon-led (XOM) consortium, which additionally consists of (HES) and China’s Cnooc (OTCPK:CEOHF), started crude manufacturing offshore Guyana in 2019 and has ramped up manufacturing to 650K bbl/day this yr.

The Stabroek block is the first motive for Chevron’s $60B buy of Hess introduced final October, in addition to the primary motive Exxon (XOM) filed for arbitration on the Worldwide Chamber of Commerce to protect its pre-emption rights within the block.