The oil and gas industry has long underpinned the global economy, with demand growing steadily except during the COVID-19 pandemic. New discoveries and massive oilfield reserves sustain global production, essential for meeting this demand. In May 2024, GlobalData conducted a poll to identify which oil field developments have the best short to medium-term prospects. The emerging oil patches of Guyana-Suriname stood out, with 33% of respondents seeing it as the largest growth engine for oil development.
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“Guyana-Suriname Basin came to attention following the announcement of the Liza-1 discovery well offshore Guyana in 2015,” noted GlobalData.
On the Guyana side of the basin, ExxonMobil, operator of the country’s Stabroek Block has discovered 11 billion barrels of recoverable resources. Production comes from three projects online, churning out more than 600,000 barrels per day. The mega major has three more projects in the pipeline. An extensive exploration campaign is also underway. Over in Suriname, offshore oil production is expected to start up in 2028, with a US$9 billion project being led by TotalEnergies. Suriname’s resource count is estimated to be 4.6 billion equivalent barrels. Gas accounts for 48% of this figure, amount 12.5 trillion cubic (tcf). Suriname’s second and possibly, third offshore development could come from Block 52, on the gas side.
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Other regions were also highlighted in the poll. Around 22% of respondents viewed frontier African countries like Namibia, Senegal, Mauritania, and Tanzania as having strong prospects due to recent offshore discoveries. Meanwhile, 20% considered the US Gulf of Mexico as a top prospect, benefiting from robust infrastructure and new deepwater discoveries.
Southeast Asian gas developments garnered support from 8% of respondents, while 7% pointed to the Brazilian pre-salt oil reserves as having significant potential. About 10% of respondents were unsure which developments would lead in the short to medium term.
GlobalData emphasized that growing oil demand would primarily drive these developments. However, “the alignment of regulatory frameworks, timely funding for infrastructure, and geopolitical equations will play a pivotal role in the success of these developments.”
