United States oil giant ExxonMobil on Thursday announced positive results from its Payara-1 well offshore Guyana.The Texas-based oil and gas company said the Payara is the second oil discovery on the Stabroek Block and was drilled in a new reservoir. The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery.The well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, and encountered more than 95 feet of high-quality, oil-bearing sandstone reservoirs. It was safely drilled to 18,080 feet in 6660 feet of water. The Payara field discovery is about 10 miles North-West of the 2015 Liza discovery.“This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, President of ExxonMobil Exploration Company. “We look forward to working with the Government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”In addition to the Payara discovery, appraisal drilling at Liza-3 has identified an additional high quality, deeper reservoir directly below the Liza field, which is estimated to contain between 100-150 million oil equivalent barrels. This additional resource is currently being evaluated for development in conjunction with the world-class Liza discovery.“These latest exploration successes are examples of ExxonMobil’s technological capabilities in ultra-deepwater environments, which will enable effective development of the resource for the benefit of the people of Guyana and our shareholders,” Greenlee said.Drilling on Payara began on November 12, 2016, with initial total depth reached on December 2, 2016. Two sidetracks have been drilled to rapidly evaluate the discovery, and a well test is underway to further evaluate the successful well results. The well data will be analysed in the coming months to better determine the full resource potential.The Stabroek Block is 6.6 million acres (26,800 square kilometres). Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.Back in October 2016, the company made its third significant discovery in its drilling explorations offshore Guyana, with its partner, Hess Corporation, noting that the Liza 3 exploratory well’s net value could be US$6.2 billion based on calculations from the Bank of Montreal (BMO) Capital Markets.In late June 2016, Exxon’s drilling results at Liza 2 revealed more than 58 metres of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 5475 metres at 1692 metres water depth. Drilling results confirmed recoverable resources to be between 800 million and 1.4 billion barrels of oil equivalent. Data from the Liza 2 well test is being assessed.In May 2015, Exxon confirmed its significant oil discovery at its Liza 1 exploration well, where more than 295 feet of high-quality oil-bearing sandstone reservoirs was encountered.The Liza wells are being drilled with the Stena Carron harsh environment drillship.On September 8, ExxonMobil announced that its third exploratory well, Skipjack (the third well drilled and not Liza 3 as reported in the local media) was unsuccessful since it did not yield commercial quantities of hydrocarbons. ExxonMobil spud Liza 3 after Skipjack turned up unfavourable results. Skipjack was a separate prospect 25 miles North-West of the Liza wells. The Liza 3 well, like Liza 2, will be focused on testing the flank of the Liza structure to determine the aerial extent of the reservoir.In July 2016, ExxonMobil submitted a development plan for Liza to Guyana’s Environmental Protection Agency to begin the environmental review process.That plan calls for a pair of rigs to drill development wells from two drill centres, each with a corresponding water injection site to the East.Business site Bloomberg, in June of this year, reported that ExxonMobil’s oil discovery off the coast of Guyana may hold as much as 1.4 billion barrels, twice the size of the previous estimate, making it potentially worth about US$70 billion based on current prices.