22 C
Georgetown
Wednesday, February 24, 2021

Explorers hopeful Suriname discovery signals extension of Stabroek mega oil play

Must Read

Government working with Exxon to ensure early solution to gas compressor issue – Bharrat

The Guyana government is working with ExxonMobil to ensure that the faulty third stage gas compressor now under repairs...

SBM Offshore is sole bidder for giant Brazil FPSO

Brazil’s state-controlled oil company Petrobras received only one proposal, from Dutch floater specialist SBM Offshore, in a bid to...

100 million b/d global oil demand rebound likely by year end

(S&P Global Platts) Global oil demand is expected to recover to pre-pandemic levels of around 100 million b/d by...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Explorers have been looking closely at the multi-billion-barrel oil resource at Guyana’s Stabroek Block with hopes that this prolific petroleum system stretches across to Suriname where efforts to find hydrocarbons offshore have been futile…until now.

The discovery at Maka Central-1 marks a historic moment for the Dutch-speaking South American country whose quest for offshore glory has finally hit pay with the announcement on Tuesday of a significant find across multiple play types at Block 58.

“We are very pleased with this first significant oil discovery, made just after our entry into Block 58. The result is very encouraging and proves the extension of the prolific world-class Guyana Cretaceous oil play into Surinam waters,” said Kevin McLachlan, Senior Vice President Exploration at Total.

McLachlan said Total and joint venture partner, Apache, each with a 50% stake in Block 58, are optimistic about the large remaining potential of the area still to be discovered and intend test several other prospects on the block.

The “substantial” Maka find “dispels concerns about (primarily) gas condensate finds … based on results from the ExxonMobil [group’s] Haimara well in Guyana which was drilled toward the edge of Block 58,” Credit Suisse analyst Bill Featherston said in an investor note shortly after the discovery was announced Tuesday.

“We view the discovery as clearly positive … given the multiple play types confirmed and the material oil pay encountered,” Featherston added.

In neighbouring Guyana, US oil major ExxonMobil has made a record 15 discoveries since 2015 amounting to more than 6 billion barrels of oil. The company has since moved to production at the Liza field with a second and third development planned for start-up in 2022 and potentially 2023.

Latest News

Government working with Exxon to ensure early solution to gas compressor issue – Bharrat

The Guyana government is working with ExxonMobil to ensure that the faulty third stage gas compressor now under repairs...

SBM Offshore is sole bidder for giant Brazil FPSO

Brazil’s state-controlled oil company Petrobras received only one proposal, from Dutch floater specialist SBM Offshore, in a bid to construct the Mero 4 oil...

100 million b/d global oil demand rebound likely by year end

(S&P Global Platts) Global oil demand is expected to recover to pre-pandemic levels of around 100 million b/d by the end of the year...

Value of Saudi oil exports fell nearly 30% in December

(Reuters) - The value of Saudi Arabia’s oil exports in December dropped nearly 30%, or 19.5 billion riyals ($5.2 billion), compared with the year...

Experts finalizing recommendations for repair of discharge silencer

Reassembly of the Liza Destiny FPSO flash gas compressor sent to Germany for repairs continues at the MAN Energy Solutions workshop. ExxonMobil Guyana said on...

More Articles Like This