US supermajor, ExxonMobil, has announced the discovery at the Redtail-1 well which will add to the previously estimated recoverable resources of more than 8 billion barrels of oil equivalent (bbboe) on the Stabroek Block, according to a press release.

This most recent oil discovery represents the 18th offshore discovery in Guyana. Speaking on the discovery, Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said, “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. 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.

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Reportedly, Redtail-1 encountered approximately 70 meters of high-quality oil-bearing sandstone while drilling at a depth of 1,878 meters. The well is located approximately 1.5 miles (2.5 kilometers) northwest of the Yellowtail discovery.

It is also worth mentioning that drilling at Yellowtail-2 encountered 21 meters of net pay in newly identified, high-quality oil-bearing reservoirs among the original Yellowtail-1 discovery intervals.

A feasibility study is currently ongoing.

The Stabroek Block is 6.6 million acres. ExxonMobil holds a 45% interest in the Stabroek Block, Hess Guyana holds a 30% interest, and CNOOC holds a 25% interest.