GEORGETOWN, Guyana (CMC) — Guyana Wednesday announced that the US-based oil giant, ExxonMobil, had made two additional discoveries of oil offshore Guyana, building on the previously announced estimated recoverable resource of more than five billion oil-equivalent barrels on the Stabroek block.

“This continues to be positive news for the people of the Co-operative Republic of Guyana, but the real substance of these finds will come when all Guyanese are able to benefit from these discoveries, whether directly and/or indirectly,” said the Director of Energy Dr Mark Bynoe.

The authorities said that the latest discoveries at the Tilapia-1 and Haimara-1 wells bring the total number of discoveries on the Stabroek Block to 12.

Tilapia-1 is the fourth discovery in the Turbot area that includes Turbot, Longtail and Pluma discoveries. Tilapia-1 encountered approximately 305 feet of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 18,786 feet in 5,850 feet of water.

The other discovery was at the Haimara-1 well, which encountered approximately 207 feet of high-quality, gas-condensate sandstone reservoir. The well was drilled to a depth of 18,289 feet in 4,590 feet of water. The authorities say it is located approximately 19 miles east of the Pluma-1 discovery and is a potential new area for development.

“The rate of these finds remains well above industry standards and continues to allow for further de-risking of the deep and ultra-deep one, but we still have a substantial way to go before we can confidently say that one has been de-risked,” Bynoe said.

He said that the Noble Tom Madden drillship started drilling the well on January 7, this year and will next drill the Yellowtail-1 well, approximately six miles west of Tilapia-1 in the Turbot area. Baseline 4-D seismic data acquisition is underway.

“The department continues to work assiduously with its partner institutions towards setting the requisite framework in place to ensure the benefits from these discoveries redound to the benefit of all Guyanese,” he added.

Guyana intends to begin commercial exploration next year.