ExxonMobil yesterday said it has increased its estimated recoverable resource base in Guyana to more than eight billion barrels of oil-equivalent (BOE) and made a further oil find northeast of the producing Liza field.
The whopping eight billion BOE underlines the high stakes at the upcoming March 2 general elections and the challenge that the next administration will have in managing the sector.
The new BOE is roughly 33% above what had been declared as recently as December last year when Exxon made its 15th discovery at the Mako-1 well.
