By: Chronicle Reporter,

Guyana’s future economic standings continue to expand tremendously as Exxon Mobil and Hess Corp make tremendous strides in the country’s oil depositaries.

Reports coming out of the now “oil rich” country earlier this week confirmed a 10th oil find that is projected to increase the estimated offshore reserve of Guyana by some 25 percent.

Names the Pluma-1well, Exxon Mobil said this new discovery coupled with increased projections from other findings have taken Guyana’s standings to 4-5 billion barrels of oil.

Exxon Mobil is said to betting its future on the potential of Guyana’s oil depositaries.

The site was drilled around 16,500 feet in ocean depths of 3,340 feet.

The next drill site will be dubbed Tilapia-1.

“The discovery of a resource base of more than 5 billion oil-equivalent barrels in less than four years is a testament of our technical expertise and rigorous evaluation and pursuit of high-potential, high-risk opportunities in this frontier area,” said Neil Chapman, ExxonMobil senior vice president.

Guyana is expected to begin production of approximately 1220,000 barrels of oil daily in early 2020 through the Liza Phase 1 development. Phase 2 of the same development is expected to pop in mid-2020.

Guyana’s offshore Stabroek Block is also of great focus, covering some 6.6 million acres of potential area for exploration.