Commodities

Exxon finds oil in Guyana again, and raises production target By Stocksak


© Stocksak. FILEPHOTO: The logo of Exxon Mobil Corp was seen at Rio Oil and Gas Expo and Conference (Rio de Janeiro, Brazil September 24, 2018). REUTERS/Sergio Moraes

(Stocksak). -Exxon Mobil Corp made two new discoveries at the Sailfin-1, Yarrow-1 wells, in the Stabroek Block offshore Guyana. The oil major announced Wednesday, adding barrels to one the most closely viewed new oil discoveries.

Exxon (NYSE -) did not release how much gas or oil it estimated the new discoveries to contain. However, it also increased a prior output forecast for the quarter based on older discoveries in the area.

According to Rystad consultancy, Guyana represents one third of all crude oil discovered in the world after Exxon first discovered oil in the country in 2015.

Rystad states that the country should become a global oil power with the estimated 11 billion barrels of oil recovered prior to Wednesday’s finds.

Exxon and its partner Hess Corp (NYSE:) The Liza Phase 1 (and Phase 2), the first offshore Guyana projects sanctioned by the two companies, are producing more than capacity and averaged nearly 360,000 barrels per day (bopd), in the third quarter.

The companies anticipate Guyana’s total production to exceed a million barrels per hour by the end of this decade.

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