David McNew/Getty Images News
Exxon Mobil (NYSE:XOM) said late Friday it made another oil and gas discovery in the prolific Stabroek block offshore Guyana, its first announced discovery in the South American country this year.
The Bluefin well encountered 197 ft of hydrocarbon bearing sandstone and was drilled in 4,244 ft of water, the company said, without releasing any further details.
The Bluefin discovery adds to more than 30 since 2015 in the 6.6M-acre Stabroek block that has been the site of more than 11B barrels of recoverable oil and gas resources.
The Exxon-led (XOM) consortium, which also includes (HES) and China’s Cnooc (OTCPK:CEOHF), began crude production offshore Guyana in 2019 and has ramped up production to 650K bbl/day this year.
The Stabroek block is the primary reason for Chevron’s $60B purchase of Hess announced last October, as well as the main reason Exxon (XOM) filed for arbitration at the International Chamber of Commerce to preserve its pre-emption rights in the block.