ExxonMobil has announced a new offshore oil discovery in Guyana.

The oil and gas multinational says it has seen positive results from the Payara-1 well, which is the company’s second oil discovery on the Stabroek block.

More than 95 metres of high quality, oil bearing sandstone reservoirs were discovered.

The well was safely drilled to 5,512 metres, 10 miles north-west of 2015’s Liza discovery.

An additional well under the Liza field was also discovered, estimated to contain between 100 million to 150 million barrels of oil.