Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana, to contain about 25 percent more recoverable resources than estimated, they said on Monday.
Exxon and U.S.-based partner, Hess Corp, said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.
The previous estimate was 3.2 billion barrels of oil equivalent, Exxon, the world’s largest publicly traded oil producer, said.
Besides Exxon and Hess, China’s CNOOC is also part of the consortium that is interested in Guyana’s Atlantic coast resources.
Exxon said production from Stabroek could reach over 750,000 bpd by 2025, which could place Guyana in the same league as South American peer Ecuador, a member of the OPEC group of oil-producing countries.
“Continued success in Guyana and progress in other upstream growth projects in the U.S. Permian Basin, Mozambique, Papua New Guinea and Brazil are giving us additional confidence in achieving our long-term earnings growth plans that we outlined in March,” Exxon Senior Vice President, Neil Chapman, said in a statement.