ExxonMobil has made its ninth oil discovery offshore Guyana at the Hammerhead-1 well, marking its fifth discovery in the Stabroek Block in the past year.
The company said the latest find proves a “new play concept” for potential development.
Drilling at the well found approximately 197 feet of high-quality, oil-bearing sandstone reservoir.
Exxon Mobil, headquartered in Irving, and Hess of New York said they hit oil at a well drilled nearly 14,000 feet at a deepwater depth of almost 3,400 feet.
This represents the fifth discovery in the Stabroek Block in the past year.
President of ExxonMobil Steve Greenlee said that the discovery reinforces the potential of the Guyana basin, where ExxonMobil is already maximizing value for all stakeholders.
The company said it estimates that it’s discovered more than 4 billion barrels of recoverable oil equivalent in the region.
Exxon Mobil and Hess, which have partnered in the country, could have up to five floating production, storage and offloading vessels producing more than 750,000 barrels per day by 2025, the companies said.
A second drillship is due to arrive in Guyana in October to accelerate their exploration efforts.
The first development, called Liza Phase 1, is expected to begin producing oil by early 2020, and should churn out 120,000 barrels of oil a day.
Construction of that first floating production vessel is already underway.
The Hammerhead-1 is the ninth discovery offshore of Guyana made within the last three years.