GlobalData’s latest analysis of Guyana’s upstream oil and gas industry shows that the country currently has eight licensed blocks, of which four are in ultra-deepwater, two are in shallow water, and one each in onshore and deepwater.
Exxon Mobil Corporation and Frontera Energy Corp. represent the companies with the largest licensing presence in Guyana, each participating in three blocks, followed by Tullow Oil Plc with two blocks. By the beginning of February 2018, Total announced its entry in offshore Guyana with two exploration licenses in the Canje and Kanuku blocks; at the same time the company acquired an option for obtaining working interest in the Orinduik, adding up to three exploration deals in the prolific Guyana basin.
Five ultra-deepwater discoveries have been made in Guyana over the past three years. Water depths for the discovered fields varied from 5,128 to 8,973ft. China National Offshore Oil Corporation, Exxon Mobil and Hess Corporation were jointly responsible for all five discoveries in the Guyana-Suriname Basin. Ranger 1 is the latest discovery in the Stabroek block, with a water depth of 8,973ft and with a 230ft oil-bearing carbonate column.
Main planned and announced oil fields in Guyana*
Source: Upstream Analytics. *The fields for which full cycle capex/boe and water depth data is available were considered
The latest Pacora field discovery, announced by Exxon Mobil Corporation on 28 February, adds to another six ultra-deepwater discoveries made in Guyana over the past three years. Water depths for the discovered fields varied from 5,128 to 8,973 feet. China National Offshore Oil Corporation, Exxon Mobil Corporation and Hess Corporation were jointly responsible for all seven discoveries in the Guyana-Suriname Basin. Pacora 1 is the latest discovery in the Stabroek block, with a 65ft oil-bearing carbonate column.
Guyana currently has four discovered, two planned fields and one announced field. All are ultra-deepwater conventional oil fields.
Liza Phase 1 and Liza Phase 2 are the largest planned fields, expected to come online by 2020 and 2022 respectively. Payara is an announced oil field, expected to commence operations by 2023. China National Offshore Oil Corporation, Exxon Mobil and Hess are the participants, and Esso Exploration and Production Guyana is the operator for all three fields. Snoek, Turbot and Ranger are the newly discovered ultra-deepwater oil fields in the Guyana-Suriname Basin.