22 C
Georgetown
Tuesday, March 2, 2021

Guyana emerging as senior partner in basin shared with Suriname – Ramnarine

Must Read

Suriname looking to follow Guyana in major oil production ramp up, no plans to delay

Suriname is forging ahead with its offshore oil and gas exploration activities and is targeting 2025 for first oil...

Concerned about ‘oil leaving underground’ Colombia looking to boost pace of investments

Colombia, which holds regular licensing rounds to invite investment in its upstream sector, has recently undertaken what National Hydrocarbons...

Guyana, Permian capital-intensive projects put Exxon at higher revenue risk than peers – Rystad Energy

Norway-based Rystad Energy has quantified the long-term risk of the change to oil prices and to the net present...
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.

Just days before ExxonMobil announced its eight oil discovery offshore Guyana, former Trinidad and Tobago Energy Minister, Kevin Ramnarine, told OilNOW he is of the view that Guyana is emerging as the senior partner in the basin shared with neighbouring Suriname.

“It seems that the Guyana-Suriname basin is more in Guyana, and less of the basin is in Suriname,” he said in an interview in Georgetown on June 13. Citing industry analyst Wood Mackenzie, the former Minister of Energy and Energy Affairs said, “Suriname has potential for about 1.5 billion barrels of oil. That’s a risked number so they have applied the global chance of success to the exploration wells that will be drilled in Suriname over the years. So it’s as though Guyana is emerging as the senior partner in this basin.”

With the more than 3.2 billion barrels of oil that had been discovered at the time Ramnarine spoke with OilNOW, he said, Guyana being the senior partner in the basin was somewhat obvious, although, “One does not like to predict the future. We always know that these things are subject to probabilities.” Since that time, ExxonMobil’s eight discovery has pushed the estimated recoverable reserves in Guyana to more than 3.7 billion barrels.

Ramnarine’s assertion that Guyana may be the senior partner in the basin means that significantly more oil may well be discovered offshore the South American country, where in the basin shared with Suriname, the US Geological Survey estimates that there could be 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas.

Latest News

Suriname looking to follow Guyana in major oil production ramp up, no plans to delay

Suriname is forging ahead with its offshore oil and gas exploration activities and is targeting 2025 for first oil...

Guyana, Permian capital-intensive projects put Exxon at higher revenue risk than peers – Rystad Energy

Norway-based Rystad Energy has quantified the long-term risk of the change to oil prices and to the net present value (NPV) of portfolios for...

Concerned about ‘oil leaving underground’ Colombia looking to boost pace of investments

Colombia, which holds regular licensing rounds to invite investment in its upstream sector, has recently undertaken what National Hydrocarbons Agency President Jose Armando Zamora...

South American basin with abundant oil resources giving rise to fierce competition

Some are calling it the last major hydrocarbon frontier while others see it as the Holy Grail of oil and gas. The Guyana Suriname...

Crude oil futures surge, ICE Brent May contract up almost 2%

(S&P Global Platts) Crude oil futures surged during the mid-morning trade in Asia March 1, with the oil market reversing the previous session's losses...

More Articles Like This