Even as the world buckles from the impact of the global pandemic, oil exploration and production operations continue at full speed in the South American country of Guyana where in recent weeks there has also been an uptick in discussions by the government with a range of investment partners and other stakeholders.
U.S Development Bank looking to “move to action very quickly” on Guyana investments
Looking at Guyana offshore, Norway-based Rystad Energy said a flurry of deepwater activities led by U.S. oil major ExxonMobil will continue in earnest in the coming years, as Guyana moves to cement its position as one of Latin America’s biggest oil producers.
“As you know, there’s been a lot of success in the Stabroek Block with Exxon and its partners and they plan to continue activity there this year drilling the Hassa, Redtail wells as well as further appraisals on existing prospects–Yellowtail, Longtail, Pluma and Turbot,” Sonya Boodoo, Vice President of Upstream Research told participants at a recent oil and gas conference. The Rystad Energy official said these activities will occur during the 2020-2021 period.
“To the left of the Stabroek Block, we have the Orinduik Block where Tullow Oil is expected to drill a well there in the 2022 timeframe and to the South, we have the Corentyne Block where CGX will drill a well in 2021,” she stated. “Towards the east of the Stabroek Block, we have Exxon again doing some further exploration targeting the Bulletwood, Jabillo and Sapote wells in the 2020 to 2021 timeframe.”
Boodoo pointed out that exploration activities are also ongoing at the Kaieteur Block where Exxon is drilling its deepest well offshore Guyana to date – Tanager-1.
“So quite a lot of activity as well, not only in Stabroek but the operators are tending to focus their efforts outwards as well to see what the prospectivity in the other blocks looks like,” she said.
With around 30 additional leads remaining offshore including those at the Canje and Kaieteur blocks, the search for more hydrocarbons will remain in high gear offshore the South American country in coming years.
Additionally, the recent sanctioning of the Payara Development is set to add another 220,000 b/d to Guyana’s output by 2024. This will be in addition to the 120,000 b/d and 220,000 b/d Liza Phase 1 and 2 projects.
Rystad Energy estimates that Guyana’s production will surpass the 1 million b/d milestone by 2030.
