Guyana’s oil discoveries give Suriname’s basin de-risking boost

May 07, 2019 News

Apache’s Block 58 in perspective to the oil finds by ExxonMobil offshore Guyana

ExxonMobil’s prolific oil discoveries offshore Guyana are not only splendid news for its shareholders and the APNU+AFC Government, but also for the nation’s neighbour to the east, Suriname.
According to tax lawyer, Roy Shyamnarain, Block 58 which is offshore Suriname, got a de-risking boost, when ExxonMobil recently announced its 13th oil discovery at the Yellowtail-I. He noted that Block 58 is operated by Apache Corporation headquartered in Houston.
On his Linked-In Page, Shyamnarain commented that Yellowtail-I also marks the fifth discovery in the Turbot Area in the eastern section of Stabroek. He noted that Block 58 is contiguous to Stabroek and is expected to hold a play type similar to the Turbot Area which further includes discoveries at Turbot-1, Longtail, Pluma and Tilapia-I.
The tax lawyer who is a frequent participant in international mining and oil and gas conferences and seminars noted that the Stabroek and Block 58 are part of the Guyana-Suriname Basin, which is estimated to hold 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas.
He said that ExxonMobil expects the Turbot Area to become a major development hub, following Liza and Payara.
Further to this, Shyamnarain said that one other discovery in Stabroek such as Haimara-I, is just miles away from Block 58 and is considered as another potential new area by ExxonMobil. He said that the location of Haimara proximate to Block 58 may also be seen as evidence that the play type of Stabroek must have found its way to the Suriname side too.
Turbot lies 40 km west of the maritime border with Suriname and 50 km east of the Liza well. Turbot, Longtail, Pluma, Tilapia, Yellowtail and Haimara have shown high quality hydro-carbon bearing sandstone reservoirs. (BY KIANA WILBURG)

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