Exxon Mobil and Hess Corp. said Wednesday they`ve made their eighth oil discovery in the developing offshore fields of Guyana in northeastern South America.
The find at the new Longtail-1 exploration well represents the continuation of emerging oil development off the coast of the Latin American country, which is immediately east of Venezuela, where political and economic instability have led to declining crude production there.
Exxon Mobil, headquartered in Irving, and Hess of New York said they hit oil at a well drilled more than 18,000 feet at a deepwater depth of more than 6,300 feet. The discovery is near the Turbot discovery and southeast of the Liza field, which Exxon and Hess will develop first. The last discovery was announced at the end of February. It`s believe Longtail and Turbot combine for more than 500 million barrels of oil equivalent.
This is their eighth discovery offshore of Guyana made within the last three years. They are expecting to start consistently producing oil from some of these discoveries no later than 2020.
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