xxonMobil said the discovery well, called Redtail-1, has helped bolster the company’s previous estimation that the block holds more than 8 billion bbl in proven and recoverable barrels of crude. 

Redtail-1 found more than 230 ft of oil-bearing sandstones and was drilled in a water depth of 6,164 ft. The newly drilled well is just 1.5 miles from the operator’s 17th discovery, the Yellowtail-2 well.

“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,” said Mike Cousins, a senior vice president of exploration and new ventures at ExxonMobil, in a statement. “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.”

ExxonMobil is the operator and a 45% stakeholder in the Stabroek block. Hess (30%) and the Chinese National Offshore Oil Company (25%) are its partners. The first major discovery made by the consortium was in 2015 and first commercial production began just 4 years later from the Liza Destiny floating production and offloading vessel (FPSO), which can produce up to 120,000 B/D.

A phase 2 project is underway and by 2022 will add another FPSO capable of processing up to 220,000 B/D. A third production vessel of the same size but for a separate development is pending government approval.