ExxonMobil announces new oil discovery offshore Guyana

HOUSTON, Jan. 5 (Xinhua) -- Exxon Mobil Corporation announced on Friday a new oil discovery offshore Guyana, the sixth discovery in the country since 2015.

The Ranger-1 well discovery adds to the five previous world-class offshore Guyana discoveries, which are estimated to total more than 3.2 billion barrels of oil equivalent (Bboe).

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Ranger-1 well on Nov. 5, 2017 and encountered approximately 70 meters of high-quality, oil-bearing carbonate reservoir.

The discovery comes as traders are watching the gap between supply and demand shrink. The Organization of Petroleum Exporting Countries (OPEC) is in its second year of an effort to balance the market and U.S. shale was seen as a spoiler.

Exxon Mobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is also the largest publicly traded international oil and gas company, and one of the world's largest integrated refiners, marketers of petroleum products and chemical manufacturers. Enditem