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Monday, April 12, 2021

Guyana now has more oil than Mexico, Norway

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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.

Less than 5 years ago Guyana was listed as having no known oil resources. Now, with more than 8 billion oil-equivalent barrels estimated to be lying at the Stabroek Block, the country has surpassed Mexico, Norway and 77 other nations in the world.

In the billions of barrels, Mexico comes in at 7.3, Norway at 6.6, Oman at 5.3 and the United Kingdom at 2.5.

In announcing its record 16th discovery offshore Guyana, ExxonMobil said on Monday the new recoverable resource estimate for the South American country includes 15 discoveries at the Stabroek Block through year-end 2019.

“The Uaru discovery is the first of 2020 and will be added to the resource estimate at a later date,” the company said.

The small country of just over 750,000 people, already regarded by OPEC as an upcoming threat to global supply from rivals, started producing oil in December.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Limited, holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.

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