With no proven oil reserves just over two and a half years ago, Guyana now has approximately 3 billion barrels of recoverable oil and this number is expected to further increase as the hunt for more petroleum intensifies.
The country’s Minister of Natural Resources, Raphael Trotman, said on Wednesday that the most recent discovery by US supermajor ExxonMobil off the Guyana coast pushed the declared reserves to around the 3 billion barrel mark. “All told, we believe that Guyana has now declared reserves of about 3 billion barrels of oil,” Mr. Trotman said.
He made these remarks during a presentation at the opening day of the Guyana Business Summit 2017 held at the Marriott Hotel in the country’s capital, Georgetown.
Previous estimates by Exxon pointed to a ceiling of 2.75 billion barrels of recoverable oil in the Stabroek Block. This was before the Turbot discovery which was announced on October 5. Although the company did not venture to declare the quantity of oil believed to have been discovered, it did say drilling encountered a reservoir of 75 feet (23 meters) of high-quality, oil-bearing sandstone, pointing to quantities that would push the initial 2.75 billion barrels ceiling well over the 3 billion barrel mark.
Industry experts have also pointed out that more oil is likely to be discovered. Already, Exxon has moved onto the Ranger field and the company plans to continue pursuing other promising leads at the blocks it owns off the Guyana coast.
Additionally, joint venture partners Tullow Oil and Eco Atlantic are pursuing “significant reservoir leads” at the Orinduik Block. Eco announced in September that it had entered into an option agreement with Total E&P Activités Pétrolières. The Option Agreement provides Total with an option to acquire a 25% Working Interest in the Orinduik Block from Eco Guyana. Eco Guyana currently holds a 40% Working Interest in Orinduik, and Tullow, the Operator, holds the remaining 60%.
US supermajor Chevron is also interested in getting into the game offshore Guyana. Sources told OilNOW the company has made this interest known to Guyanese authorities.
Should Chevron farm into the Guyana frontier, this would bring the total number of supermajors with interest in the country’s petroleum reserves to three.