By Micah Maidenberg 



  Exxon Mobil Corp. said it has found even more oil in Guyana--its 18th discovery in the South American nation. 


  The oil producer on Tuesday said it located oil at the Redtail-1 well, a find it expects to add to its estimate of more than 8 billion oil-equivalent barrels in the Stabroek Block, an exploration and production area located in Guyana's offshore waters. 


  Exxon said it founded about 232 feet of oil-bearing sandstone at the Redtail-1 well. Drilling at a nearby well, called Yellowtail-2, also showed new oil-bearing reservoirs, and that resource is being evaluated for development, Exxon said. 


  Exxon announced its first commercial discovery of oil in Guyana in 2015 and began production last December from a floating production vessel capable of producing up to 120,000 barrels a day. 


  A string of petroleum discoveries in the offshore areas of Guyana, as well as in neighboring Suriname, have focused investor attention on the region. 


  Last month, election authorities in Guyana named opposition candidate Mohamed Irfaan Ali as president, ending a political stalemate following voting in the spring. 


  Exxon has been cutting costs this year, including for capital expenditures, as the Covid-19 pandemic has hampered demand for crude. Yet executives at the company said in July that Exxon was still actively investing in Guyana, with four drilling rigs in operation as of the end of June. 


  The company holds a 45% interest in the Stabroek Block, with units of Hess Corp. and Chinese oil firm CNNOC Ltd. owning 30% and 25%, respectively. 


  Write to Micah Maidenberg at micah.maidenberg@wsj.com