Exploration

Exploration

Guyana wells have high recovery rates, can be drilled faster than any other deepwater basin in the world

OilNOW -
The Guyana basin continues to shine with a range of world class attributes such as low breakeven prices, high quality crude and wells that are relatively shallow, which one co-venturer in the prolific Stabroek block says can be drilled...
Exploration

Around 2500 offshore wells set to be drilled in major deepwater comeback, Guyana at forefront

OilNOW -
Oil and gas exploration activities remain resilient even after a devastating year that saw investments declining by more than 30%, widespread shut-ins, and well over 100 bankruptcy filings. But after the gloom of 2020 oil and gas demand recovery...
Exploration

Will Guyana oil resources remain relevant as the energy transition takes hold?

OilNOW -
Whatever the pace of the energy transition, the world will still rely on oil and gas for much of its energy needs until well beyond 2040, according to research conducted by consultancy group Wood Mackenzie. "Exploration will be critical...
Exploration

Industry has found more natural gas than it needs or can commercialise, oil remains king

OilNOW -
Energy market research and intelligence company Westwood Energy said in a report last week that more than 60% of the discovered resource in 2012-2020 was gas, even though ~70% of high-impact wells were targeting oil. This was due to...
Exploration

Oil remains biggest prize as 2021 set to see lowest number of wells targeting gas in a decade – Westwood Energy

OilNOW -
Even though the world is witnessing an unprecedented increase in efforts to transition to cleaner sources of energy starting with natural gas, there is still very little evidence of explorers going after this resource for 2021. This is according...
Exploration

Disappointment for Tullow as Suriname well fails to deliver commercial crude

OilNOW -
Tullow Oil said on Thursday the Goliathberg-Voltzberg North (GVN) exploration well, drilled in Block 47, offshore Suriname, has reached total depth and encountered good quality reservoir but only minor oil shows. The Stena Forth rig drilled the GVN prospect to...
Exploration

Guyana discoveries redefining Caribbean region’s oil potential – Dr. Anthony Bryan

OilNOW -
With 18 discoveries offshore Guyana equating to nine billion barrels of recoverable oil resources, the record-making results of oil exploration in the South American country has resulted in the re-examination of the Caribbean region as an oil-rich area. This is...
Exploration

2021 could be busiest year ever for exploration at Stabroek block

OilNOW -
2021 is shaping up to be a significant period for exploration and appraisal operations in the Guyana-Suriname basin with targets at the prolific Stabroek block potentially making it the busiest year ever for drilling activities at that ExxonMobil-operated acreage. More...
Exploration

CGX Energy says drilling Guyana wildcats to cost $US90 million

OilNOW -
CGX Energy Inc. said it is moving ahead with plans to spud the Kawa-1 and Makarapan-1 exploration wells on its Corentyne and Demerara blocks offshore Guyana. The Kawa-1 exploration well on the Corentyne block is currently expected to be drilled...
Exploration

Exploration success on decline globally while Guyana continues to add billions of barrels

OilNOW -
The success rate of global conventional oil and gas exploration has declined in recent years, but the most painful blow has been to onshore wildcat wells, a Rystad Energy analysis reveals. In 2020, the success rate of these drilled...
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SBM Offshore expects US$1.9 billion in earnings this year, driven by Guyana FPSO sales

SBM Offshore has updated its 2024 earnings guidance to US$1.9 billion, representing a 46% increase from the previous US$1.3...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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