Exxon Mobil Discovers Additional Oil in Payara Reservoir

Exxon Mobil shares were over 1% higher Tuesday morning after the oil major said it discovered additional oil in the Payara reservoir in offshore Guyana, increasing the total oil discovery in the reservoir to approximately 500 million oil-equivalent barrels.

The well results also increased the estimated gross recoverable resource on the Stabroek Block to between 2.25 billion and 2.75 billion oil-equivalent barrels. ExxonMobil affiliate Exploration and Production Guyana Limited is the operator and holds a 45% interest in the oil block. Hess Corp.’s (HES) Guyana Exploration Ltd. holds 30% and CNOOC Ltd.’s (CEO) Nexen Petroleum Guyana Limited holds 25% in the oil block.

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