ExxonMobil said additional discoveries have been made offshore Guyana.
The company said it positive results had been made from its Payara-1 well offshore.
Payara is Exxon’s second oil discovery on the Stabroek block and was drilled in a new reservoir.
The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery.
Steve Greenlee, president of ExxonMobil Explortation, said: “This important discovery establishes the area as a significant exploration province.
“We look forward to working with the government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”
The well was drilled by Esso Exploration and Production Guyana Limited.
It encountered more than 95feet of oil-bearing sandstone reservoirs and was safely drilled to 18,080 feet in 6,660 feet of water.
The Payara field discovery is about 10 miles northwest of the 2015 Liza discovery.