Guyana #2 for discovered resources worldwide – Rystad energy

─ 7.7 billion barrels of oil equivalent discovered year-to-date

─ Guyana-Suriname basins pinned as one of the most prospective, underexplored basins in the world

DPI, Guyana, Wednesday, October 9, 2019

According to a recent global discoveries report issued by Rystad Energy, Guyana ranks at number two worldwide. This status was accredited since it is the country with the second most-discovered resources, globally.

Rystad Energy, based in Norway is an independent energy consultancy service and business intelligence data firm offering global databases, strategy advisory and research products for oil service companies, investors, investment banks and governments

A release issued by OilNOW, states that Rystad Energy has reported that oil and gas companies have discovered 7.7 billion barrels of oil equivalent year to date. The release also cited several specialists from the firm who noted that Guyana’s resource discoveries bring the country close with Russia who tops the list in this regard.

Commenting on Guyana’s budding oil industry Senior Analyst of Rystad Energy, Palzor Shenga, noted that “the industry is well on track to repeat the feat achieved in 2018 when around 10 billion barrels of oil equivalent of recoverable resources were recovered.”

The release further noted Rystad Energy’s expectations that the Guyana-Suriname basin will continue to occupy headlines with a few planned wells in both Guyana and Suriname. The basin is described as one of the most prospective, underexplored basins in the world.

The OilNOW report stated that there are indeed high hopes for the local oil industry after the prolific success of ExxonMobil’s Stabroek block… and more recent discoveries by other operators in the region which has led to a surge in offshore exploration in the Caribbean.

The article also indicated that more acreage is being made available for bidding throughout the Caribbean with some countries conducting their first-ever licensing rounds in 2019 and 2020. Offshore drilling activities have been on the rise in recent years with 23 exploration wells expected in 2019.

To date, there has been sixteen oil finds in Guyana, the first thirteen by ExxonMobil, the fourteenth and fifteenth by Tullow and the most recent discovery in mid-September by ExxonMobil once more.