Exxon’s Guyana Discovery May Be Twice as Large as Thought
- Crude deposit could be worth $70 billion at current prices
- Hess, CNOOC are partners in drilling 120 miles offshore
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Exxon Mobil Corp.’s oil discovery off the coast of Guyana may hold as much as 1.4 billion barrels, twice the size of the previous estimate, making it potentially worth about $70 billion based on current prices.
The Liza field 120 miles (193 kilometers) from the coast of Guyana is a “world-class discovery” that probably will yield the equivalent of 800 million to 1.4 billion barrels of crude, the Irving, Texas-based company said in a statement on Thursday. Hess Corp., a partner in the field, will see a 39 percent boost in current proved reserves at the upper end of the estimate.