American energy giant ExxonMobil made additional discoveries offshore Guyana in South America, bringing the total number of discoveries in the region to 12, the company announced in a statement on Wednesday.
The 11th and 12th discoveries are made at Tilapia-1 and Haimara-1 wells located at the southeast section of the Stabroek Block, which add to recently discovered recoverable resources of more than 5 billion oil equivalent barrels, according to the statement.
"We see a lot of development potential in the Turbot area and continue to prioritize exploration of high-potential prospects here," Steve Greenlee, president of ExxonMobil Exploration company, said in the statement.
"We expect this area to progress to a major development hub providing substantial value to Guyana, our partners and ExxonMobil," he added.
The Turbot area is located at the southeast section of the 26,800 square-kilometer Stabroek Block, and is expected to produce more than 750,000 barrels of oil per day by 2025, according to the statement.
ExxonMobil's affiliate, Esso Exploration and Production Guyana Limited, is the operator and holds 45 percent interest in the Stabroek Block.
Hess Guyana Exploration Limited holds a 30 percent interest, while China National Offshore Oil Corporation (CNOOC) Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 percent share.
By Ovunc Kutlu