Since 2015, Guyana has emerged as the global leader in oil discoveries, with unmatched volumes boosting its position in the energy sector, according to Rystad Energy.
The Norway-based intelligence company ranked Guyana against 19 other countries. They estimate that Guyana’s recoverable resource is over 13 billion barrels of oil equivalent (boe) since the initial Liza discovery.
Official figures from the government and ExxonMobil, operator of the largest block with commercial discoveries, place discovered resources at approximately 11 billion boe.
Coming in second is Russia then Canada, according to Rystad Energy’s data.
When comparing total volumes discovered (liquids and gas), Guyana ranks behind only Russia. China comes in third, then Mexico and the U.S.
According to the US Energy Information Agency, Russia’s proven oil reserves were 80 billion barrels as of January 1, 2024. Russia’s proven natural gas reserves were 1,688 trillion cubic feet (Tcf) as of Jan 1 last year, the largest in the world. Gazprom, Russia’s state-owned natural gas company, holds over 70% of the country’s natural gas reserves.
Guyana’s gas reserves stand at approximately 17 Tcf.
Since the Liza find, Exxon has amassed over 30 discoveries, the last being Bluefin in the Stabroek Block. There have also been finds in the Corentyne Block.
This year, Exxon has flagged 30 wells to be drilled for three major Stabroek Block developments – Yellowtail, Uaru and Whiptail.
