Exxon Mobil Corp. (NYSE: XOM) and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25% more recoverable resources than estimated, they said July 23.

Exxon Mobil and U.S.-based partner Hess Corp. (NYSE: HES) said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.

The previous estimate was 3.2 billion barrels of oil equivalent, Exxon Mobil, the world's largest publicly traded oil producer, said.

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Besides Exxon Mobil and Hess, China's CNOOC Ltd. is also part of the consortium that is interested in Guyana's Atlantic coast resources.

Exxon Mobil said production from Stabroek could reach over 750,000 bbl/d by 2025, which could place Guyana in the same league as South American peer Ecuador, a member of the OPEC group of oil-producing countries.

"Continued success in Guyana and progress in other upstream growth projects in the U.S. Permian Basin, Mozambique, Papua New Guinea and Brazil are giving us additional confidence in achieving our long-term earnings growth plans that we outlined in March," Neil Chapman, senior vice president of Exxon Mobil, said in a statement.

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