Latest update February 6th, 2025 7:27 AM
Oil discoveries trigger reassessment of Guyana-Suriname basin
Following the 14 discoveries by ExxonMobil in the Stabroek Block and the two made by Tullow Oil in the Orinduik Block, the U.S Geological Survey (UGSS) will be conducting a reassessment of the Guyana-Suriname basin.
According to UGSS, the last reassessment it had done on the basin was in 2002. The next one is scheduled for 2020.
Further, in its last assessment the United States Geological Survey ranked the Guyana Suriname Basin as coming in second in the world for prospectivity among the world’s unexplored basins and twelfth for oil among all the world’s basins – explored and unexplored.
The basin is home to several leading exploration companies including super majors like ExxonMobil and Chevron; as well as National Oil Companies (NOCs) like Repsol and China National Offshore Oil Corporation (CNOOC).
Exxon has been marking up one successful discovery after the next from 2015 to 2019 and is expected to begin producing up to 120,000 barrels of oil per day from the Liza Phase 1 development by early 2020. It will be using the Liza Destiny, Guyana’s first Floating Production Storage and Operating (FPSO) Vessel for Phase One.
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