ExxonMobil has announced another oil discovery off the coast of drilling hotspot Guyana, at its Redtail well.
The US firm, which operates the huge Liza field off the South American nation, said the find is its 18th in Guyana.
Exxon said the Redtail-1 well in the Staborek block encountered 232feet of high quality oil-bearing sandstone.
It will now add to estimated recoverable resources of more than eight billion barrels of oil equivalent at Stabroek, it added.
ExxonMobil drilled the find around 1.5miles northwest of Yellowtail, another discovery it made in April last year.
The firm is 45% owner and operator of Redtail, partnered with Hess Guyana (30%) and Cnooc (25%).
In addition, drilling at the Yellowtail-2 well encountered 69 feet (21 meters) of net pay in “newly identified, high quality oil bearing reservoirs” among the original Yellowtail-1 discovery intervals.
Exxon said this is being evaluated for development in conjunction with nearby discoveries.
Mike Cousins, senior vice president of exploration and new ventures, said: “Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing efficient opportunities for new projects in Guyana.
“Developing these projects remains an integral part of ExxonMobil and our co-venturers’ long-term growth plans and a source of significant value for Guyana.”
Exxon is a major player off Guyana, having started up first production at the Liza field in December last year, paving the way to vast reserves.
Approximately 80 Guyanese employees, contractors and subcontractors took part in Redtail activities offshore, and more than 2,000 Guyanese and 600 local suppliers are supporting ExxonMobil’s activities in country, the firm said.
John Hess, CEO of Hess Corporation, said: “The Redtail-1 and Yellowtail-2 discoveries further demonstrate the significant exploration potential of the Stabroek Block and will add to the recoverable resource estimate of more than 8 billion barrels of oil equivalent.
“Redtail is the ninth discovery in the southeast area of the block which we expect will underpin future development.”