Guyana-Suriname Basin ranked 2nd most prospective in the world for oil

Guyana-Suriname Basin ranked 2nd most prospective in the world for oil

An estimated 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas could lie in the Guyana-Suriname Basin, making it the 2nd most prospective, under-explored offshore oil basins in the world, according to the United States Geological Survey.     

Experts have long suspected that the basin may share a similar geology with the West African coast, where thousands of wells form part of numerous exploration and production projects  from Mauritania to Namibia as well as the prolific producers in the Gulf of Guinea, including Nigeria, Angola and now Ghana.

In comparison, around 50 wells have been drilled offshore in the Guyana-Suriname Basin. This is according to JHI Associates; an oil and gas company focused on frontier exploration activities in the region.

The basin is also home to an impressive roster of the leading exploration companies in the world, including super-majors like ExxonMobil and Chevron; National Oil Companies (NOCs) like Repsol and Statoil; and smaller companies with successful track records developing the Atlantic Margin offshore West Africa, including Kosmos Energy and Tullow Oil.

The world class Liza discovery by ExxonMobil in 2015 off the Guyana coast and subsequent finds in the Stabroek Block have served to de-risk the basin and renew optimism in this new frontier. To date, ExxonMobil’s discoveries in Guyana amount to between 2.25 and 2.75 billion oil-equivalent barrels, with the first production phase set for mid-2020.

Other companies are now ramping up exploration activities offshore Guyana, such as Eco Atlantic, which recently conducted a 2,550 km2 seismic survey on the Orinduik Block, in partnership with Tullow Oil. CGX Energy has also signaled its intent to get back in the game.

Meanwhile in Suriname, Tullow has contracted US-driller Noble Corporation for an exploration well on its Araku prospect offshore.

From all indications, the Guyana-Suriname Basin seems set to become the next hot-spot in offshore oil exploration activities.

Source: http://oilnow.gy/featured/guyana-suriname-basin-ranked-2nd-most-prospective-in-the-world-for-oil/

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  • guyaneseonline  On 10/05/2017 at 12:25 pm

    ExxonMobil announces fifth oil strike off Guyana
    Stabroek News – October 5, 2017

    ExxonMobil Corporation today announced it made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana.

    Turbot is ExxonMobil’s latest discovery to date in the country, adding to previous finds at Liza, Payara, Snoek and Liza Deep, a release from the company said. Following completion of the Turbot-1 well, the Stena Carron drillship will move to the Ranger prospect. An additional well on the Turbot discovery is being planned for 2018, the release added.

    ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Turbot-1 well on Aug. 14, 2017 and encountered a reservoir of 75 feet (23 meters) of high-quality, oil-bearing sandstone in the primary objective. The well was drilled to 18,445 feet (5,622 meters) in 5,912 feet (1,802 meters) of water on Sept. 29, 2017. The Turbot-1 well is located in the southeastern portion of the Stabroek Block, approximately 30 miles (50 kilometers) to the southeast of the major Liza phase one project.

    “The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company. “ExxonMobil, along with its partners, will continue to further evaluate opportunities on the Stabroek Block.”

    The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

  • Rosaliene Bacchus  On 10/05/2017 at 12:57 pm

    “From all indications, the Guyana-Suriname Basin seems set to become the next hot-spot in offshore oil exploration activities.”

    How many more fossil-fueled super storms must the Caribbean Region endure before we transition to renewable forms of energy???

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