A well drilled by Esso Exploration and Production Guyana Ltd. hit a significant oil discovery in the Stabroek Block offshore Guyana, ExxonMobil Corp. (XOM) said May 20. Esso Exploration is an ExxonMobil affiliate.

The well found more than 295 ft (90 m) of high-quality oil-bearing sandstone reservoirs. It was drilled to 17,825 ft (5,433 m) in 5,719 ft (1,743 m) of water.

Stabroek Block is 6.6 million acres (26,800 sq km), and is about 120 miles offshore Guyana.

The well was spudded on March 5. The well data will be analyzed in the coming months to better determine the full resource potential.

Esso Exploration and Production Guyana Ltd. holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Ltd. holds 25%.

ExxonMobil Corp. is based in Irving, Texas.