XOM Exxon Mobil Corp

   By Colin Kellaher 
 

Exxon Mobil Corp. (XOM) on Monday raised its estimate of the discovered recoverable resources for the Stabroek block offshore of Guyana by 25% for the second time in less than five months after making its 10th find.

The Houston energy giant, which operates and holds a 45% interest in the 6.6-million-acre block, said it raised the Stabroek resource estimate to more than 5 billion oil-equivalent barrels from more than 4 billion after further evaluation of previous discoveries and a new find at the Pluma-1 well.

Exxon in late July had raised the estimate by 25% to 4 billion oil-equivalent barrels from 3.2 billion.

Exxon said the Pluma-1 discovery reinforces the block's potential for at least five floating storage, production and offloading vessels producing more than 750,000 barrels of oil a day by 2025.

A unit of New York-based Hess Corp. (HES) holds a 30% interest in the Stabroek block, while a unit of China's CNOOC Ltd. (CEO) holds a 25% stake.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 03, 2018 08:55 ET (13:55 GMT)

Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024

Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024