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Exxon announces 7th oil discovery offshore Guyana

Exxon Mobil Corp. has encountered approximately 65 feet of high-quality, oil-bearing sandstone reservoir following drilling at the Pacora-1 exploration well offshore Guyana.

The latest find announced Feb. 28 marks the seventh oil discovery on the 6.6 million-acre Stabroek Block offshore Guyana since 2015.

The Pacora-1 well, approximately four miles west of the Payara-1 well, follows previous discoveries on the Stabroek Block. With its completion, the Stena Carron drillship will move to the Liza field to drill the Liza-5 well and complete a well test, which will be used to assess further development, Exxon said.

"Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day," Steve Greenlee, president of ExxonMobil Exploration Company, said.

The discovery comes fewer than two months after the company announced its sixth oil discovery following positive results from the Ranger-1 exploration well.

Exxon affiliate Esso Exploration and Production Guyana Ltd. is the operator and holds 45% interest in the Stabroek Block. Hess Corp.'s Hess Guyana Exploration Ltd holds 30% stake, while CNOOC Nexen Petroleum Guyana Ltd. holds 25% interest.