Unprecedented. That best describes Guyana’s oil and gas industry’s ascent in just seven short years. And S&P Global Platts believes that the country has set a new paradigm for accelerated deepwater development.
In its latest report, S&P outlined that Guyana boasts “the fastest average time” from discovery to first production – an average of 4.5 years for deepwater fields with reserves greater than 100 million barrels of oil equivalent (MMboe).
“The speed of execution is even more impressive when the size of the Liza development is considered (1.8 billion boe),” S&P highlighted in its report.
Guyana, it said, ranks second only to the United States (US) when it comes to the addition of oil and gas resources globally since 2015. Since the Liza discovery by Stabroek Block operator ExxonMobil, Guyana has added in excess of 15 billion boe in recoverable resources, according to S&P. Exxon’s estimate is closer to 11 billion boe.
Additionally, S&P said with an average discovery size of about 412 MMboe, Guyana is tied for third with veteran producer Saudi Arabia, among the top 10 countries with the highest volumes of oil and gas resources added since 2015.
Since the first find, Exxon now has two projects in operation: another coming online in 2023, then another in 2025. With those four projects approved, the oil major is gunning for the fifth – Uaru, expected to submit a plan of development soon.
It has made over 30 discoveries and is also pursuing an aggressive drill campaign, not only in the Stabroek Block but also, the nearby Kaieteur and Canje blocks.