Guyana signals much more to come in Stabroek Block

Dec 20, 2019 News

Guyana has discovered a number of oil blocks, with 14 wells at the giant Stabroek block resulting in six billion barrels-plus of oil equivalent and having an additional two at the smaller adjacent Orinduik.
“You have a lot. That’s the most important takeaway and I think the discoveries to date have substantiated that.
“There is every reason to expect that you would continue to have exploration successes in this particular area,” Geoscientist, Management Consultant; Mr. Williams Heins of GTech, a UK based firm said.
He further stated that Guyana’s Stabroek block has a boatload of hydrocarbons. With that, according to Guyana consultancy firm, the discoveries made off the coast to date signal more successful explorations to come.
Hydrocarbons are a primary energy source for current civilizations. The predominant use of hydrocarbons is as a combustible fuel source; in its solid form it can take the form of asphalt or bitumen, used to sealed roads, what some considers as tar.
Yearly a total of 400 million tons of asphalt is demanded costing approximately US$30B. Oil refineries are one way hydrocarbons are processed for use. The crude is processed in several stages to form the desired hydrocarbons, used as fuels and in other products.
The hydrocarbon is very light, storable, energy-dense, and produces no direct emissions of pollutants or greenhouse gases. But for hydrogen to make a significant contribution to clean energy transitions, it needs to be adopted in sectors where it is almost completely absent, such as transport, buildings and power generation.
Supplying of hydrogen to industrial users is now a major business around the world. Demand for hydrogen has grown extensively and continues to rise, almost entirely supplied from fossil fuels, with 6% of global natural gas and 2% of global coal going to hydrogen production.
The use of hydrogen today is dominated by industry, namely; oil refining, ammonia production, methanol production and steel production.
ExxonMobil operating at the Stabroek block is pursuing multiple drills set to target a 6.6 million acres block in search of more crude.
The Liza Phase 2 has already been approved which targets a potential start up by 2022, while the third development at the Payara field could begin producing oil by 2023.
Other companies; Tullow Oil, CGX Energy and Repsol are also rooting for oil in ongoing and upcoming campaigns over the coming months at the pother blocks off the Guyana Coast.

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