ExxonMobil has discovered oil off the coast of Guyana at the Stabroek Block’s Uaru-2 well. The new discovery adds to the estimated nine billion barrels of oil equivalent that have previously been announced. The new well was drilled about 6.8 miles away from the Uaru-1 well in 5,659 feet of water, with it revealing about 120 feet of oil-bearing reservoirs.

ExxonMobil’s Senior Vice President for New Ventures and Exploration, Mike Cousins, said about the discovery:

“The Uaru-2 discovery enhances our work to optimally sequence development opportunities in the Stabroek Block. Progressing our industry-leading investments and well-executed exploration plans are vital in order to continue to develop Guyana’s offshore resources that unlock additional value for the people of Guyana and all stakeholders.”

Guyana is a key component in the long-term strategy of ExxonMobil, which also makes industrial lubricants like rust preventative. It is looking to increase its dividends in the coming years by prioritising high-return projects.

Six drillships are currently exploring in the waters of Guyana. The first ExxonMobil-led project, Liza Phase 1, is already producing at its planned capacity of 130,000 barrels per day (bpd), with the Liza Phase 2 project set to start producing up to 220,000 bpd early next year. The company says there is scope for up to 10 floating production storage and offloading vessels (FPSOs) to operate in recovering the currently known reserves, with a minimum of six projects starting up by 2027.

ExxonMobil says its projects are bringing investment to the Guyanese economy, with over 2,300 local workers supporting the projects.