22 C
Georgetown
Monday, June 14, 2021

Guyana could find more oil, and closer to shoreline

Must Read

First Lady Arya Ali is ‘Godmother’ of Guyana’s 2nd oil production vessel

First Lady of Guyana, Arya Ali, officially dedicated the Liza Unity Floating Production Storage and Offloading (FPSO) vessel at...

“We didn’t realise the significant potential of Stabroek Block” – says Shell VP exploration

Oil and gas exploration is risky business. Prior to the 2015 Liza discovery, all available data pointed to a...

Oil prices rise as demand improves

(Reuters) Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery...
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.

Experts in the oil and gas industry believe that more oil could be discovered closer to Guyana’s shoreline in the coming years with one official saying that the hydrocarbon resources found at the Stabroek block so far is just the tip of the iceberg.

Trinidad and Tobago’s former Minister of Energy, Kevin Ramnarine had said back in 2017 that the principle of the “Creaming Curve” points to this notion.

Creaming curves measure incremental production from wells in the order in which they are drilled. Various production metrics can be used such as peak rate, six month cumulative oil, and twelve month cumulative oil. If a creaming curve has a 45 degree trajectory, each new well produces the same peak month production as the previous well did. A steeper trajectory indicates new wells are adding increasingly greater peak month production.

Kevin Ramnarine speaking at an oil & gas lecture in Guyana

“If we believe in the creaming curve…we know that Guyana will find more and more oil and we begin to find more and more oil closer and closer to the shoreline. So it is very possible that Guyana will have industries on the land to process that oil,” Ramnarine had said.

The former minister pointed out that Guyanese will benefit more if industries are established in the country to go downstream of oil and gas.

The oil and gas industry is usually divided into three major sectors: upstream, midstream and downstream. The downstream sector commonly refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas. The downstream sector reaches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas (LPG) as well as hundreds of petrochemicals.

Ramnarine’s comments echo that of Canadian oil and gas expert, Rob Strong, who had said he is confident that several more significant oil discoveries will be made in Guyana following the Liza discovery.

Since that time, ExxonMobil, operator at the Stabroek block, has made 18 discoveries amounting to approximately 9 billion barrels of oil equivalent resources.

Industry analysts have said Guyana’s exploration potential remains significant with multiple prospects remaining at Stabroek and other blocks offshore the South American country.

- Advertisement -

OilNOW TV

Latest News

First Lady Arya Ali is ‘Godmother’ of Guyana’s 2nd oil production vessel

First Lady of Guyana, Arya Ali, officially dedicated the Liza Unity Floating Production Storage and Offloading (FPSO) vessel at...

“We didn’t realise the significant potential of Stabroek Block” – says Shell VP exploration

Oil and gas exploration is risky business. Prior to the 2015 Liza discovery, all available data pointed to a high probability of not finding...

Oil prices rise as demand improves

(Reuters) Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel...

Guyana on its way to cashing in over half billion US dollars in oil revenue by year-end

Guyana, now in its second year as an oil producing nation, could see revenues from royalties and the sale of its Liza Crude surpassing...

Exxon moves to Whiptail as 15-well Guyana campaign ramps up

Fresh off a new discovery announced just last week, U.S. oil major ExxonMobil is now moving to Whiptail, another prospect on the 6.6 million...

More Articles Like This