Guyana establishes world dominance in discovered volumes for 2023, surpasses 600 million boe – Rystad Energy

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Guyana’s Stabroek Block has proven to be a game-changer in the global energy landscape, propelling the South American nation to the forefront of discovered volumes. According to a new Rystad Energy report, Guyana has surpassed all other contenders, recording an impressive 603 million barrels of oil equivalent (boe) so far, in 2023.

The remarkable success of the Stabroek Block has not only placed the nation in the lead but has also significantly outpaced its competitors. Turkey takes second place with 380 million boe, followed by Nigeria with 296 million boe and Namibia with 287 million boe. The potential for these estimates to grow further looms large as experts continue to enhance their understanding of the region’s reserves. The offshore discoveries are spread relatively evenly across ultra-deepwater, deepwater, and shelf finds, according to the report. 

Guyana has had only three discoveries so far this year. Exxon struck oil at Fangtooth SE-1 and Lancetfish-1 in the Stabroek Block. The Fangtooth SE-1 well encountered approximately 200 feet of oil-bearing sandstone reservoir while the Lancetfish-1 well encountered approximately 92 feet of oil-bearing sandstone reservoir. It was drilled in 5,843 feet of water by the Noble Don Taylor and is located approximately 4 miles southeast of the Fangtooth-1 discovery. 

The Fangtooth area has been identified as Guyana’s seventh Stabroek Block development

The third discovery was at the Corentyne Block. CGX Energy hit crude at the Wei-1 well, which delivered net pay of 77 feet in the Maastrichtian and Campanian intervals. 210 feet of hydrocarbon-bearing sands were determined to exist in the Santonian intervals, but an additional 2-3 months of studies are needed to confirm net pay in the Santonian. 

Experts and industry analysts are closely monitoring the developments in the Stabroek block, expecting increased activity in the remainder of 2023. Particularly, the ultra-deepwater market is projected to experience substantial growth, with a predicted surge of 27% in spud wells compared to 2022.

Rystad Energy research shows that 31 high-impact wells – designated using their tiering system based on the project’s significance and production potential – are expected to be drilled this year. So far, 13 have been completed, six are ongoing and 12 remain in the pipeline. Only four of the 13 completed wells encountered hydrocarbons, “a measly 31% success rate”, the report outlined. The results of three wells are not yet disclosed, while the remaining six failed to find any reserves. 

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