Exxon Mobil announces the discovery of its second giant oil field in the waters of El Essequibo

[Pedro's Klinefelter]

Exxon Mobil Corporation announced today that it has discovered additional oil at the Payara deposit off the coast of the Essequibo, an area claimed by Venezuela, and has increased the total discovery in Payara to approximately 500 million barrels of oil equivalent.

These positive well results increase the estimated recoverable gross resource for the Stabroek Block to between 2.25 billion barrels of oil equivalent and 2.75 billion barrels of oil equivalent.

It was drilled safely at 19,068 feet (5,812 meters) in approximately 7,000 feet (2,135 meters) of water. The well is only 12 miles (20 kilometers) northwest of the newly-funded Liza Phase 1 project at the Stabroek Block, located about 130 kilometers off the coast of Guyana.

"Payara-2 confirms the second giant field discovered in Guyana," said Steve Greenlee, president of ExxonMobil Exploration Company. "Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will serve as a basis for world-class oil developments and will bring substantial benefits to Guyana. We are committed to continuing to assess the full potential of the Stabroek Bloc.