The 14th oil discovery made by US oil major ExxonMobil off the Guyana coast pushes the total estimated revenue to be earned by the South American country to more than US$120 billion.
Speaking at a press update on Day 1 of the Guyana International Petroleum Exhibition and Summit (GIPEX) on Wednesday, Schreiner Parker, Rystad Energy’s Vice President for Latin America and the Caribbean, said the Norway-based energy research and business intelligence company believes that all the discoveries made to date at Stabroek are commercial.
“We see all the discoveries in the Stabroek Block up to this point being commercial and we anticipate they will all be developed. When you look at Exxon’s plans that they put out into the public sphere it seems as though Guyana is a long-term destination for Exxon,” Parker commented.
The Rystad Energy official had told OilNOW in August that the total revenue from what was 13 discoveries at the time, would amount to a projected US$117.5 billion for Guyana.
ExxonMobil announced in September that it had made its 14th discovery on the Stabroek Block which further pushes up the estimated revenue for the country.
“Revenue will go up. Of course, it’s depending on oil price. But even in a mid-price scenario of US$65 per barrel Brent going forward, we’re looking at north of one hundred and twenty something billion dollars that we anticipate the Government of Guyana will receive, just from the Stabroek Block itself,” he stated.
Parker said the revenue projection for the block will continue to increase as more discoveries are made.