ExxonMobil Announces new Discovery Offshore Guyana

An appraisal well off the coast of Guyana was the site of ExxonMobil’s second major discovery in Guyana in the past year. Currently Guyana does not produce any oil or natural gas. Exxon estimates the new finds may hold over 700 million barrels of crude oil, worth as estimated $40 billion. A third well is planned to delineate the discovery on the continental shelf. The find could have a very positive impact on the economy of Guyana. The find also boosts Exxon image, from a “less-than-favorable exploration failure rate, which reached 39 percent in 2014.”