Exxon Says It Discovered New Guyana Oil Reserves

(Bloomberg) -- ExxonMobil Corp. says it found new oil in the waters off Guyana, the South American nation neighboring Venezuela where major oil discoveries have been made recently.

The discovery, called Bluefin, in the Stabroek block offshore Guyana is the company’s first new find of 2024. Stabroek is the primary production area of the big discovery Exxon made off Guyana in 2015. Stabroek has been said to hold 11 billion barrels, and Exxon’s speedy development plan means production will double to 1.2 million barrels a day by 2027, putting Guyana on par with OPEC member Angola. 

The Bluefin well encountered approximately 197 feet (60 meters) of hydrocarbon-bearing sandstone and was drilled in 4,244 feet (1,294 meters) of water, Exxon said in a statement. Bluefin joins the more than 30 oil discoveries in the Stabroek block since 2015, Exxon added.

Exxon has a 45% stake in Guyana’s oil project and is the operator, while partners Hess Corp. and Cnooc Ltd. have joint stakes. Exxon filed for arbitration to retain preemption rights in a Guyanese oil field, threatening Chevron Corp.’s attempt to acquire a stake via its pending $53 billion takeover of Hess. 

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