Offshore oilfields that have come online since 2020, and those expected to start up by 2030, will account for over 65% of South America’s conventional oil production, according to an analysis published by Norway-based Rystad Energy on November 6.
The growth is being driven by the expanded use of floating production, storage and offloading (FPSO) vessels, led primarily by developments in Brazil and Guyana.
In Guyana, ExxonMobil continues to anchor the nation’s rise as a leading offshore producer. The company has advanced multiple discoveries in the Stabroek Block, with four FPSOs already in operation, reflecting what Rystad Energy described as “effective project execution”.
Ranking the giants: Largest oil discoveries in Guyana’s Stabroek Block after Liza | OilNOW
Exxon’s Liza Destiny and Liza Unity FPSOs produce oil from the massive 2015 Liza find. Then there’s Prosperity and, most recently, the massive ONE GUYANA FPSO. The Errea Wittu is expected next, then Jaguar for the Whiptail development and then Hammerhead. Exxon is the operator of the Stabroek Block with a 45% stake. Hess owns 30% and CNOOC owns 25%.
However, the pace of new finds has slowed. Around 420 million barrels of liquids were discovered in the past year, the lowest since 2017, underscoring the need for renewed exploration to maintain output growth.
Number of high-impact exploration companies halves as discovered volumes slide – Westwood | OilNOW
Rystad Energy’s base case projects that oil demand will exceed current supply by the mid-2030s. The firm noted that this will “amplify the need for renewed exploration and enhanced recovery,” positioning South America and Guyana in particular as a key player in meeting the world’s future energy needs.
