Guyana despite experiencing downfall in oil reserves states success of 2023

Guyana: Guyana delivered 2.6 billion BOE (Barrels of oil equivalent) this year (2023), however 3.4 billion was delivered last year. This has revealed a decrease by 800 million as compared to the previous year, according to the data by S&P Global. Such a decline this year is a major downfall in the oil reserves of the country.

Significantly, 3.4 billion barrels of oil equivalent yielded from 2022 reveals the success of the country for exploration in Guyana’s history. In the same year, an aggregate of nine discoveries were marked in the Stabroek Block and in the Corentyne Block.

No doubt, the decrease has been witnessed in BOEs, however several discoveries have still been added to the cumulative potential of Guyana’s offshore oil reserves.

Discoveries at Stabroek Block

In the initial month of this year(January), Hess Corporation- an energy company, announced the Fangtooth SE-1 discovery. Such a discovery demonstrated about 200 feet of oil-bearing sandstone reservoirs. Further, its contribution was made to the estimated gross discovered recoverable resource at the ExxonMobil (having operations at Stabroek Block).

Then, in the month of April, Hess Corporation again announced the discovery of Lancetfish-1, located about four miles towards the southeast direction of Fangtooth discovery. This signifies another addition made to the block’s reserves.

Moreover, after a few months in October, another discovery, Lancetfish-2 was introduced by Hess and reaffirmed the potential in the Stabroek block.

Discoveries at Corentyne Block

Shifting the focus towards Corentyne Block, the joint collaboration of CGX Energy Incorporation and Frontera Energy Corporation announced the at Wei-1 well, located at the distance of 200 kilometres offshore Guyana. The Wei-1 well stumbled 210 feet of hydrocarbon-bearing sands on the Santonian horizon. 

The mentioned discoveries evidently indicate the success of 2023 besides being at a slower pace than 2022.

Importantly, the ExxonMobil- an energy company has provided the projection of drilling over 35 E&A (exploration and appraisal) wells in the coming four years that is 2027.