ExxonMobil made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana, according to ExxonMobil’s press release.

Uaru-2 will add to the block’s previously reported gross discovered recoverable resource estimate of about 9 billion barrels of oil equivalent (bbloe).

Uaru-2 discovered about 120 feet of high quality oil bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well is located about 6.8 miles south of the Uaru-1 well.

Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil stated “The Uaru-2 discovery enhances our work to optimally sequence development opportunities in the Stabroek Block,” adding that “progressing our industry-leading investments and well-executed exploration plans are vital in order to continue to develop Guyana’s offshore resources that unlock additional value for the people of Guyana and all stakeholders.”

ExxonMobil expects at least six projects to be completed by 2027, with the potential for up to ten floating production storage and offloading (FPSOs) to improve its current recoverable resource balance. These new projects will continue to drive investments in the Guyanese economy.

More than 2,300 Guyanese are now supporting onshore and offshore project operations, which reflects over 20% increase since the end of 2019.

The Stabroek Block is 6.6 million acres operated by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, which owns a 45% of interest while Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25% interest.