ExxonMobil has raised its estimate of the discovered recoverable resource for the Stabroek Block in Guyanese waters to nearly 10bn oil-equivalent barrels.
The estimate was revised following the inclusion of the new discovery made by the Cataback-1 well.
Other than Cataback, more than 20 significant discoveries have been made in the offshore block so far by the US-based energy firm and its partners Hess Guyana Exploration and CNOOC Petroleum Guyana.
The previous estimate of the Guyanese block was over nine billion barrels of oil equivalent.
The latest discovery, Cataback was made after the exploratory well intersected 74m of net pay in high quality hydrocarbon bearing sandstone reservoirs. The Cataback-1 well was drilled in 5,928ft of water depth by the Noble Tom Madden drill ship.
The well is located nearly 6km east of the Turbot-1 well.
The Stabroek Block, which spans 6.6m acres, is operated by ExxonMobil (45%). Hess Guyana Exploration has a 30% stake, while CNOOC Petroleum Guyana holds the remaining 25% interest.
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