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Houston — ExxonMobil, Hess, and CNOOC Nexen have hit another home run offshore Guyana at the Pacora-1 exploration well, taking less than a month to reach the oil-bearing sandstone reservoir at 18,363-foot depths.

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The companies said Pacora will be developed with the giant Payara field, which will be phased in sometime after production starts in 2020 from Liza, also a giant field.

Liza was the initial Guyana discovery on the partners' Stabroek Block and will be the first developed, using a floating, production, storage and offloading vessel. The field will initially produce 450 million barrels of oil.

Pacora will boost Guyana production to more than 500,000 b/d of oil from the first three phases of development once it and Payara come online, officials from ExxonMobil and Hess said in respective statements.

"It's certainly good news for Guyana," Rene Santos, a senior analyst at S&P Global Platts Analytics, said of Pacora, although he noted many details of the new discovery's size and total resource that were added to the total 3.2 billion boe of resource from previous finds were not immediately available.

Located in 6,781 feet of water, Pacora-1 found 65 feet of high-quality pay. It is located roughly four miles west of the initial Payara well, which was unveiled a little more than a year ago. Pacora drilling began on January 29, 2018.

Besides Liza and Payara, other discoveries on Stabroek include Liza Deep, Snoek, Turbot and most recently Ranger, announced earlier this year.

As soon as Pacora-1 is completed, the drillship used will move back to the Liza field to drill the Liza-5 well and complete a well test. That test will be used to evaluate concepts to develop Payara.

-- Starr Spencer, starr.spencer@spglobal.com
-- Edited by Kevin Saville, newsdesk@spglobal.com