Guyana emerges as 2nd in the world with largest discovered oil volumes - Rystad

Guyana emerges as 2nd in the world with largest discovered oil volumes – Rystad

Jun 11, 2022 News

Kaieteur News – While Guyana’s five discoveries for 2022 in the Stabroek Block have resulted in more than 1 billion barrels of fresh oil and gas resources being unearthed in Guyana, they have allowed the country to garner another title.

Map showing the location of the Stabroek Block

According to Rystad Energy, the five discoveries being Fangtooth, Lau Lau, Barreleye, Lukanani and Patwa, have put Guyana comfortably in second position on the list of countries with the largest discovered volumes since 2015. Rystad Energy said Guyana is only behind Russia and ahead of the US.

Kaieteur News previously reported that Fangtooth and Lau Lau were announced in the first week of January 2022. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field.

Meanwhile, the Lau Lau-1 well encountered approximately 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs. The well was drilled in 4,793 feet (1,461 meters) of water and is located approximately 42 miles (68 kilometers) southeast of the Liza field.

In April, last, Exxon had announced that it struck black gold at three other wells. It said that the Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water.

Drilling at Patwa-1 encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was conducted in 6,315 feet (1,925 meters) of water.

The Lukanani-1 well it said, encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled in a water depth of 4,068 feet (1,240 meters).

Operations are ongoing at Barreleye-1 and Lukanani-1.

Additionally, the consultancy group said that with a resource upgrade or appraisal, the Kawa-1 find in the offshore Corentyne Block being operated by CGX Energy Inc and Frontera Energy Corporation could help push the Guyana-Suriname Basin past a current resource estimate of 13.6 billion barrels of oil equivalent resources, with many prospects still lined up to be tapped.

Rystad was keen to note that Guyana’s upcoming bid round is being closely monitored along with continued exploratory work on the Stabroek Block.

In the meantime, work is progressing on Guyana’s two other sanctioned projects, Payara and Yellowtail, which will push oil production capacity beyond 800,000 barrels of oil by 2025.

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