Oil & Gas Report

News, insight, analysis and ideas about Guyana’s energy industry from the best experts in the industry.

Guyana – Oil and Gas
In 2000, the U.S. Geological Survey (USGS) identified the Guyana-Suriname Basin as having the second highest resource potential among unexplored oil basins in the world and estimated the mean recoverable oil and gas reserves at more than 13.6 billion barrels of oil and 32 trillion cubic feet of gas. Several international oil and gas companies (IOCs), including ExxonMobil (U.S.), Esso (U.S.), Repsol (Spain), Anadarko (U.S.), and CGX Energy (Canada), have been participating in exploration and drilling activities. Guyana’s Ministry of Natural Resources (MNR) continues to process additional companies’ exploration applications. The number of actors in the upstream sector is expected to increase.

ExxonMobil’s May 2015 discovery with the Liza wells in its Stabroek block may well signal a new era for the country’s energy sector and economy. It presents a transformative opportunity to put in place the structures and capacity needed to oversee the sector’s long-term development, effectively manage revenue streams, and ensure proper stewardship of what are finite hydrocarbon resources for future generations of citizens in Guyana. Exxon plans additional exploration in its block in 2017, citing favorable geology and promising production sharing agreement (PSA) terms.

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