ExxonMobil makes two further finds offshore Guyana

ExxonMobil made two new oil discoveries off the coast of Guyana, boosting the potential of one of the biggest finds in recent years.

The company said the Fangtooth and Lau Lau discoveries will add to its previous estimate of 10bn bl of oil equivalent (boe) of recoverable resources from the Stabroek block. The positive results also support the case for testing deeper exploration targets within the block.

"Initial results from the Fangtooth and Lau Lau wells are a positive sign for Guyana and continue to demonstrate the potential for the country's growing oil and gas sector," said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.

Separately, the producer said the Liza Unity floating production storage and offloading vessel is undergoing hookup and commissioning after arriving in Guyanese waters in October. The vessel is on track to start production in the first quarter and has a target of 220,000 b/d at peak production.

ExxonMobil started crude production from Stabroek in 2019 with partners US independent Hess, which has a 30pc interest, and Chinese state-owned CNOOC unit Nexen with 25pc.

By Stephen Cunningham