GEORGETOWN, Guyana (CMC) — Guyana today announced its latest oil discovery within the Stabroek Block.

Natural Resources Minister, Vickram Bharrat, said the 19th offshore oil discovery at the Uaru-2 well will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be over nine billion oil-equivalent barrels.

“Drilling at Uaru-2 encountered high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery.”

He said that the new development in Guyana increases the potential to as many as 10 floating production storage and offloading vessels (FPSO) with an increase of the estimated recoverable resource given by operator, Esso Exploration and Production Guyana Limited (EEPGL).

“As such the Government of Guyana welcomes the Uaru-2 discovery and remains committed to the sustainable development of Guyana’s Oil and Gas Resources to ensure that the benefit from this sector transforms all traditional productive sectors to enhance the lives of all Guyanese,” Bharrat said.

The US-oil giant, ExxonMobil also announced Tuesday that the discovery “will add to the previously announced gross discovered recoverable resource estimate for the block” and that and that drilling at Uaru-2 encountered approximately 120 feet of high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery.

“The well was drilled in 5,659 feet (1,725 meters) of water and is located approximately 6.8 miles (11 kilometres) south of the Uaru-1 well,” ExxonMobil said, adding six drill ships are now operating offshore Guyana.