Exxon strikes oil off coast of Guyana, again

Exxon Mozambique

Exxon Mobil Corp. has made a second oil discovery off the coast of Guyana, in another reservoir 10 miles northwest of the large Liza field it discovered in 2015.

The Irving-based oil giant said Thursday its affiliate in the Latin American country had found 95 feet of oil-soaked sandstone, called the Payara discovery, after it drilled some 3.4 miles below the earth.

Exxon Mobil estimates its Liza field has 100 million to 150 million barrels of oil equivalent, and the company is weighing whether the new Payara field could be developed in conjunction with the Liza field. Some analysts expect Exxon Mobil to reach its final investment decision on the Liza field this year.

“This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, president of Exxon Mobil Exploration Co., in a written statement.