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Exxon’s ‘Fairy Tale’ Discovery in Guyana May Be Just the Start

  • 8 of 10 wells have struck oil with 19 targets left: WoodMac
  • Oil major increased Guyana reserves 25% to 4 billion barrels

Exxon Mobil Corp. increased its estimate for a giant offshore oil discovery in Guyana by 25 percent yesterday, but it may just be the beginning.

Some 8 of 10 exploration wells have struck oil since 2015 and Exxon has identified a further 19 targets to drill, according to researcher Wood Mackenzie Ltd. The oil giant is so optimistic about finding more oil that it’s running two drill ships purely focused on exploration concurrently off the coast of the tiny South American nation.