Exxon Mobil Discovers New Oil Reservoir Offshore Guyana

Exxon Mobil Corp said on Thursday drilling results from a third exploration well offshore Guyana showed a new reservoir containing 100-150 million barrels of oil equivalent.

The discovery at the Stabroek block is off a border region that is claimed by Venezuela in a territorial controversy dating back more than a century, even though the area functions in practice as Guyanese territory.

The Payara field discovery is about 10 miles (16 km) northwest of Exxon's 1.4-billion barrel Liza oil discovery.

The exploration project is led by Exxon, with Hess Corp and an unit of CNOOC Ltd also holding stakes.