Exxon Mobil Reports Oil Discovery Off Guyana

By Chris Wack Features Dow Jones Newswires

Exxon Mobil Corp. (XOM) on Friday said it made another positive oil discovery off the coast of Guyana.

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The Ranger-1 well, located about 60 miles northwest of the Liza phase one project, encountered about 230 feet of high-quality, oil-bearing reservoir, providing a new play concept for the 6.6-million acre Stabroek Block, Exxon said.

This find is Exxon's sixth oil discovery off Guyana's coast since 2015. Exxon's Esso Exploration & Production Guyana Ltd. affiliate began drilling the Ranger-1 well Nov. 5, 2017.

Esso Exploration operates the Stabroek Block and holds a 45% interest. Hess Corp.'s (HES) Hess Guyana Exploration Ltd. holds a 30% interest, while CNOOC Nexen Petroleum Guyana Ltd. holds the other 25%.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

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January 05, 2018 10:18 ET (15:18 GMT)