Estimated revenue from Stabroek Block jumps to $24Trillion 

─ Rystad Energy’s projects

─ projection for the block will continue to increase as more discoveries are made

DPI, Guyana, Thursday, August 8, 2019

Guyana is well on its way to becoming one of the richest countries in the world in per capita terms as its total estimated revenue, from the 13 discoveries made so far by ExxonMobil at the Stabroek Block, is now projected at $24Trillion (US$117.5Billion).

According to a report from the local oil and gas news site OilNOW, this projection was disclosed by Rystad Energy’s Vice President for Latin America and the Caribbean, Schreiner Parker.

In 2018, Rystad Energy’s estimated income from what at the time a total of eight discoveries at Stabroek, stood at about $21Trillion (US$100Billion).

OilNOW stated that the projection is based on an analysis of production from all discoveries made so far over the life of the 6.6 million acres Stabroek Block.

Parker explained the entirety of that production was examined and was modelled against the government’s take.

“Using our proprietary price forecast looking forward, we’re then able to say how much a barrel of oil is going to be worth through the entirety of the life of production, and then we’re able to allocate the percentage of government take associated with each barrel back to the government in a dollar term,” the OilNOW article quoted Parker as saying.

Rystad Energy’s income projection is based on an updated 6.4 billion barrels of oil equivalent projection it had made for the Stabroek Block which takes into account the 13 discoveries made by ExxonMobil to date.

The report noted that projection for the block will continue to increase as more discoveries are made.

Just recently, ExxonMobil disclosed that it could drill as much as four wells by the end of 2019 as it continues to search for more oil.

There have also been heightened exploration activities by several companies. This could potentially increase the number of offshore discoveries which would add to the already substantial revenue government is set to receive from the Stabroek Block.

There is ongoing exploration at the Jethro-Lobe prospect at Orinduik which will be followed by a campaign at Joe, then the Carapa prospect on the Kanuku licence in the third quarter of 2019, where Tullow is partnering with Repsol. CGX Energy Incorporated has entered into a definitive rig agreement and is expected to commence drilling on the Utakwaaka-1 well in its Corentyne block before the end of the year.

Source: OilNOW