Exxon confirms second giant oil field offshore Guyana

Exxon Mobil Corp. has discovered additional oil in the Payara reservoir on the Stabroek block offshore Guyana. Gross recoverable resources for the 6.6-million acre (26,800-sq km) Stabroek block are now estimated to be between 2.25 and 2.75 Bboe. The Payara-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. (EEPGL) and encountered 59 ft (18 m) of high-quality, oil-bearing sandstone in the Payara field. The well increased the total Payara resource to about 500 MMboe.