22 C
Georgetown
Tuesday, April 13, 2021

Gulf of Mexico trails Guyana for most prospective offshore region

Must Read

For Guyana, retaining the resource-rich Essequibo region ‘is a life-or-death matter’ – Ivelaw Griffith

Ivelaw Lloyd Griffith, former Vice Chancellor of the University of Guyana and Senior Associate with the Center for Strategic...

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

The expanding oil and gas operations in Guyana will have a significant impact on other industries in the country,...

Touchstone confirms ‘liquids rich’ natural gas discovery in Trinidad and Tobago

Canada-based oil and gas company Touchstone Exploration Inc. said on Monday the completion of flowback testing of the Cascadura...
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.

US oil major ExxonMobil’s record 14 discoveries in Guyana which amount to more than 6 billion barrels of oil resource has placed the small South American country at the top of the list for prospective offshore regions in the world.

Norway-based Rystad Energy says the collective resources discovered in the Gulf of Mexico (GOM) over the past five years amount to 5.03 billion barrels of oil equivalent. This makes GOM the world’s second most prospective offshore region since 2015, trailing only Guyana.

“This is on the high end of the scale and relates to the frontier deepwater being less mature, providing opportunities for large discoveries. At the same time, infrastructure-led exploration (ILX) has contributed with more frequent, smaller discoveries that can be tied back to existing infrastructure,” Joachim Milling Gregersen, an analyst on Rystad Energy’s upstream team said.

Rystad Energy expects the Guyana-Suriname basin will continue to occupy headlines with a few planned wells in both Guyana and Suriname. The basin is pinned as one of the most prospective, underexplored basins in the world and will definitely get a facelift from its current assigned volumes if hydrocarbons are established towards the east.

“Explorers have set their sights on establishing a working petroleum system and unlocking the underlying commercial prospectively of the basin. The latest update suggests that the basin could have a potential of around 13 billion boe,” Palzor Shenga, senior analyst on Rystad Energy’s upstream team said.

OilNOW TV

Latest News

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

The expanding oil and gas operations in Guyana will have a significant impact on other industries in the country,...

For Guyana, retaining the resource-rich Essequibo region ‘is a life-or-death matter’ – Ivelaw Griffith

Ivelaw Lloyd Griffith, former Vice Chancellor of the University of Guyana and Senior Associate with the Center for Strategic and International Studies says a...

Total, CNOOC enter agreements with Uganda and Tanzania for $3.5 billion pipeline

(Reuters) -Uganda, Tanzania and oil firms Total and CNOOC on Sunday signed agreements that will kickstart the construction of a $3.5 billion crude pipeline...

Touchstone confirms ‘liquids rich’ natural gas discovery in Trinidad and Tobago

Canada-based oil and gas company Touchstone Exploration Inc. said on Monday the completion of flowback testing of the Cascadura Deep-1 well in Trinidad and...

Exxon’s Greater Guyana Initiative brings Zoom Rooms project to University of Guyana

The University of Guyana (UG) on Saturday launched its Zoom Rooms project which it says lays down the first building blocks for its blended-learning...

More Articles Like This