The oil majors ExxonMobil, TotalEnergies, Chevron, and Shell are gradually expanding their presence in the Guyana-Suriname Basin. With some contracts expected to be finalized in 2024, these four companies will have stakes in 15 offshore blocks, amounting to more than 75,000 square kilometers (km2).
ExxonMobil is expected to acquire its fifth block in the basin, once it finalizes a contract with Guyana for block S8. The block was awarded after Guyana’s first offshore licensing round to a consortium of ExxonMobil, Hess and CNOOC. Exxon will pick up this block after announcing a decision to divest its stake in Guyana’s Kaieteur block, late last year. Exxon also holds a 35% operating stake in the Canje block, and a 45% operating stake in the prolific Stabroek block, where it has made dozens of discoveries, has lined up six oil developments, and plans to drill many more exploration and appraisal wells in the next few years.
Over in Suriname, Exxon has a 50% stake in block 52, where Petronas has made two discoveries – Sloanea-1 and Roystonea-1. It also operates block 59, with a 33% interest. Altogether, Exxon will hold stakes in blocks in the basin which amount to 47,856 km2.
Chevron, through its acquisition of Hess, has gained access to a coveted prize – 30% interest in the Stabroek block. Chevron will also hold a stake in block S8 offshore Guyana when the contract is finalized.
In Suriname, Chevron is the operator of block 5, with a 40% stake. It also operates block 7, with an 80% stake. Chevron holds a 67% stake in block 42, and 33% in the ExxonMobil-operated block 59. Altogether, Chevron’s holdings in the Guyana-Suriname basin will account for about 48,666 km2, slightly surpassing ExxonMobil in terms of area.
Guyana also awarded block S4 to TotalEnergies, part of a consortium with QatarEnergy and Petronas. When this is finalized, Total will have interests in seven blocks in the Guyana-Suriname basin. That will be the highest number of blocks among majors, but with significantly less acreage than Exxon and Chevron – just 23,244km2. Total also has a 35% stake in the ExxonMobil-operated Canje block, and holds a 25% interest in the Orinduik block in a joint venture with QatarEnergy.
Total’s biggest prize among this lot, however, is its 50% operating stake in block 58. Partnered with APA Corporation, Total has made several discoveries there, and intends to bring its first development on stream by 2028. TotalEnergies also, in 2023, acquired three blocks offshore Suriname, as operator with 40% interest in each – blocks 6, 8 and 64.
Shell has no interest in Guyana blocks, but it has stakes in three blocks offshore Suriname. Shell operates block 42, with 33% interest, and a 20% interest in the Chevron-operated block 5. It also recently acquired a 60% interest and operatorship in block 65.
