Exxon Says It Discovered New Guyana Oil Reserves
- Bluefin discovery includes 197 feet of oil-bearing rock
- Find comes after Exxon filed arbitration over oil field
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ExxonMobil Corp. says it found new oil in the waters off Guyana, the South American nation neighboring Venezuela where major oil discoveries have been made recently.
The discovery, called Bluefin, in the Stabroek block offshore Guyana is the company’s first new find of 2024. Stabroek is the primary production area of the big discovery Exxon made off Guyana in 2015. Stabroek has been said to hold 11 billion barrels, and Exxon’s speedy development plan means production will double to 1.2 million barrels a day by 2027, putting Guyana on par with OPEC member Angola.