American oil giant ExxonMobil has announced its ninth discovery offshore Guyana at the Hammerhead-1 well.

Exxon said the latest discovery marks the fifth on the Stabroek Block in the past year and proves a new play concept for potential development.

According to the Guyana Chronicle, Hammerhead-1 encountered approximately 197 feet of high-quality oil-bearing sandstone reservoir.

The well was safely drilled to 13,862 feet depth in 3,373 feet of water. The Stena Carron drillship began drilling on July 27, 2018.

“The Hammerhead-1 discovery reinforces the potential of the Guyana basin, where ExxonMobil is already maximizing value for all stakeholders through rapid phased developments and accelerated exploration plans,” said Steve Greenlee, president of ExxonMobil Exploration Company.

Exxon said Hammerhead-1 is located approximately 13 miles southwest of the Liza-1 well and follows previous discoveries on the Stabroek Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora and Longtail.

Those previous discoveries led to the announcement of an estimated recoverable resource of more than 4 billion oil-equivalent barrels discovered to date, and the potential for up to five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels per day by 2025.

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