ExxonMobil made two oil discoveries in the prolific Stabroek block offshore Guyana, increasing the already existing 10 billion oil-equivalent barrels of resources in the region, the company announced in a statement Wednesday.

The discovery at the Fangtooth-1 well, drilled at a water depth of 6,030 feet (1,838 meters), consists of high-quality, oil-bearing sandstone reservoirs while the Lau Lau-1 well was drilled at a depth of 4,793 feet (1,461 meters) in high-quality hydrocarbon-bearing sandstone reservoirs.

The company said the new projects would drive investment in the country, with more than 3,200 Guyanese supporting project activities on and offshore.

Together with its key contractors, ExxonMobil has spent more than $540 million with more than 800 local companies since 2015.

“The Fangtooth discovery is a successful result of our strategy to test deeper prospectivity, and the Lau Lau discovery adds to the large inventory of development opportunities in the southeast part of the Stabroek block,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil./aa