Exxon Mobil (NYSE: XOM) discovered a recoverable oil resource that could yield between 800 million and 1.4 billion barrels of oil, the company announced last week.
“We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015,” said Steve Greenlee, president of Exxon Mobil Exploration Company, in a prepared statement.
The Liza-2 well was drilled approximately two miles from the Liza-1 well, and was drilled to 17,963 feet in 5,551 feet of water, the company said. The well also encountered more than 190 feet of oil-bearing sandstone reservoirs in Upper Cretaceous formations.
“This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deepwater environments,” Greenlee said in a prepared statement.