US supermajor ExxonMobil has found more oil with its latest two exploration wells drilled in the prolific Stabroek block off the coast of Guyana.

The latest finds with the Tilapia-1 and Haimara-1 wells were confirmed by ExxonMobil after a report in the local Guyana Chronicle quoted an unnamed source at the company as saying it had found substantial commercial quantities of oil.

The supermajor said the pair of discoveries are set to add further to resource volumes at the block where partners in December raised the estimate for discovered recoverable resources to more than 5 billion barrels of oil equivalent in the wake of the previous Pluma-1 find.

Both wells, spudded in the first week of January, bring to 12 the number of discoveries made in the block to date.

Tilapia-1, drilled with drillship Noble Tom Madden, is located 5.5 kilometres west of the Longtail-1 discovery in the Turbot area where four discoveries - also including Turbot and Pluma - have been made.

The probe struck about 305 feet of high-quality oil-bearing sandstone reservoir after being drilled to a depth of 18,786 feet in 5,850 feet of water.

The drillship will next drill the Yellowtail-1 well, about 10 kilometres west of Tilapia-1 and also in the Turbot area where 4D seismic acquisition is under way.

“We see a lot of development potential in the Turbot area and continue to prioritise exploration of high-potential prospects here,” ExxonMobil Exploration president Steve Greenlee said, adding “we expect this area to progress to a major development hub”.

The Haimara-1 well, sunk by drillship Stena Carron, encountered about 207 feet of high-quality, gas condensate-bearing sandstone reservoir after being drilled to a depth of 18,289 feet in 4590 feet of water, about 31 kilometres east of the Pluma-1 discovery.

The drillship will next return to the Longtail discovery to complete a drill stem test.

The Liza Phase 1 development is expected to begin producing up to 120,000 barrels per day of oil in 2020, with the Liza Destiny floating storage, production and offloading vessel.

Project sanction for Liza-2, using a 220,000 barrel-per-day FPSO, is expected in the first quarter of this year, with projected start-up in mid-2022.

Sanctioning of a third development, Payara, is also targeted for this year towards expected start-up as soon as 2023.

The US operator believes there is potential for at least five FPSOs on the 26,800 square-kilometre Stabroek block producing 750,000 barrels per day of oil by 2025.

ExxonMobil operates the block with a 45% stake, alongside partners US independent Hess on 30% and China's CNOOC International with 25%.

“The two new discoveries announced in Guyana today could be some of the largest made to date. Tilapia is reported to have 93 metres of net oil pay, which is the highest reported so far in any exploration or appraisal well in the Stabroek licence,” UK-based consultancy Westwood Global Energy Group said in a note.

“Haimara found gas condensate close to the Suriname border. This, together with the recent Pluma discovery, defines a gas prone area of the Liza fairway. Guyana now looks as though it could have a gas export business to add to its oil and Stabroek looks like it is one of the most prolific deep water blocks ever licensed.”

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ExxonMobil in new Guyana finds