Striking: Exxon said Tuesday that it found even more hydrocarbons in a huge field off the coast of Guyana, increasing the "Payara" discovery to over 500 million barrels worth of oil and gas.
The newly announced results of test wells in the field bring the estimated resources in the wider region called the Stabroek Block to somewhere in the range of 2.25 billion-2.75 billion barrels.
Why it matters: The recent and ongoing discoveries off Guyana's coast show that despite the industry's zeal for onshore shale in the U.S., there are still big "elephant" fields out there to be found offshore.
And Exxon's long-term, multi-billion dollar project shows how oil majors are confident that the global thirst for crude won't abate anytime soon, despite some forecaster's chatter about peak demand arriving as soon as late in the next decade.
Exxon and its partners announced in June that they were moving ahead with the multi-billion dollar commercial development of the nearby Liza field, estimating phase 1 production of 120,000 barrels per day beginning in 2020.
Go deeper: The resources off Guyana are part of a geologic hydrocarbon bounty along the South American and West African coasts left over from breakup of the supercontinent Pangaea around 200 million years ago.
My Axios colleague Steve LeVine explored the topic for Quartz last year.