ExxonMobil Announces discovery at Pinktail, Offshore Guyana

ExxonMobil has announced a discovery at Pinktail in the Stabroek Block offshore Guyana, as it develops a major new oil and gas find. The oil&gas company operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess Corp. and China’s CNOOC Ltd. It has made at least 20 discoveries there. According to Exxon, the discovery would add to the previous recoverable resource estimate of more than 9 billion barrels of oil and gas, without specifying the size of reserves in its latest discovery. Exxon expects to submit a development plan for its fourth Guyana project, Yellowtail, later this year.