ExxonMobil: Stabroek estimated reserves increased
(CercleFinance.com) - ExxonMobil announced on Thursday that it has raised its estimate for the oil reserves of its Stabroek block, which covers an area of some 26,000 km2, offshore Guyana.
The US oil giant now estimates the project's reserves at around 10 billion barrels of oil equivalent, up from a projection of five billion barrels three years ago.
The upward revision follows a new discovery at the Cataback-1 well, the 20th on the Stabroek block since exploration began.
However, the announcement was greeted with indifference by investors on Thursday, with ExxonMobil's share price actually down 0.3% in early trading on Wall Street.
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The US oil giant now estimates the project's reserves at around 10 billion barrels of oil equivalent, up from a projection of five billion barrels three years ago.
The upward revision follows a new discovery at the Cataback-1 well, the 20th on the Stabroek block since exploration began.
However, the announcement was greeted with indifference by investors on Thursday, with ExxonMobil's share price actually down 0.3% in early trading on Wall Street.
Copyright (c) 2021 CercleFinance.com. All rights reserved.