ExxonMobil (NYSE: XOM) Strikes Oil in Guyana with the Turbot-1 well

Following ExxonMobil's (NYSE: XOM) announcement this morning of its fifth new oil discovery after drilling the Turbot-1 well offshore Guyana, Pablo Medina, Wood Mackenzie's senior analyst, Latin America Upstream has the following comments:

Pablo Medina said: "ExxonMobil continues with its successful exploration campaign offshore Guyana with the discovery of Turbot. This shows that deepwater can still be attractive. After today's announcement, ExxonMobil's Liza and Payara complex might approach the 2 billion barrel mark in commercial reserves."

"ExxonMobil's Latin America footprint has increased significantly with its recent streak of discoveries in Guyana and its aggressive bidding in Brazil's latest licensing round," Pablo added.

This discovery also puts Guyana on the map as the country currently does not produce any oil. "We expect around 350,000-400,000 b/d of oil production by 2026, making Guyana one of top oil producers in Latin America," said Pablo.