US oil giant ExxonMobil has announced two further oil well discoveries offshore Guyana.
The discoveries mark the eleventh and twelfth discoveries in southeast section of Stabroek Block.
ExxonMobil said the discoveries of the Tilapia-1 and Haimara-1 wells add to the recently updated estimate of the discovered recoverable resource to more than 5 billion oil-equivalent barrels.
Steve Greenlee, president of ExxonMobil Exploration Company, said: “We see a lot of development potential in the Turbot area and continue to prioritize exploration of high-potential prospects here.
“We expect this area to progress to a major development hub providing substantial value to Guyana, our partners and ExxonMobil.”
Tilapia-1 encountered approximately 305 feet of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 18,786 feet in 5,850 feet of water.
The well is located approximately 3.4 miles west of the Longtail-1 well.
The Haimara-1 well encountered approximately 207 feet of high-quality, gas-condensate bearing sandstone reservoir.
The well was drilled to a depth of 18,289 feet in 4,590 feet of water.
It is located approximately 19 miles east of the Pluma-1 discovery and is a potential new area for development.
The Stena Carron drillship began drilling the well on Jan 3 and will next return to the Longtail discovery to complete a well test.
Keith Myers, president, research at Westwood Global Energy Group, said: “The two new discoveries announced in Guyana today could be some of the largest made to date.
“Tilapia is reported to have 93m of net oil pay, which is the highest reported so far in any exploration or appraisal well in the Stabroek licence. Haimara found gas condensate close to the Suriname border.
“This, together with the recent Pluma discovery, defines a gas prone area of the Liza fairway.
“Guyana now looks as though it could have a gas export business to add to its oil and Stabroek looks like it is one of the most prolific deep water blocks ever licensed.”