ExxonMobil makes two more oil discoveries

ExxonMobil today said it made two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana.

In a release, the company said that the he Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located around 11 miles (18 kilometers) northwest of the Liza field. The Lau Lau-1 well found approximately 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs. The well was drilled in 4,793 feet (1,461 meters) of water and is located approximately 42 miles (68 kilometers) southeast of the Liza field.

These discoveries will add to the previously announced recoverable resource estimate for the block, of 10 billion oil-equivalent barrels, the release said.