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#Business : Exxon Mobil discovers significant oil resource, could yield 1.4 billion barrels

Exxon Mobil (NYSE: XOM) discovered a recoverable oil resource that could yield between 800 million and 1.4 billion barrels of oil, the company announced last week.

The oil was found after drilling from the Liza-2 well, which is about 120 miles offshore of Guyana, which in northern South America on the coast of the Atlantic.

“We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015,” said Steve Greenlee, president of Exxon Mobil Exploration Company, in a prepared statement.

The Liza-2 well was drilled approximately two miles from the Liza-1 well, and was drilled to 17,963 feet in 5,551 feet of water, the company said. The well also encountered more than 190 feet of oil-bearing sandstone reservoirs in Upper Cretaceous formations.

“This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deepwater environments,” Greenlee said in a prepared statement.

Exxon Mobil, the world's largest publicly traded oil company and based in Irving, has seen revenue drop significantly as other oil companies have in the wake of plummeting oil prices. For the past five years, revenue has dropped every year. 2015 revenue figures were the lowest for the company since 2003.

In the past 12 months, its stock has been making a comeback, up more than 15 percent from this time last year. Exxon's stock closed at $94.09 a share Wednesday.
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