Guyana on track to becoming powerhouse as 10th oil discovery made

Oilprice | Thanks to ExxonMobil’s run of success in oil exploration offshore Guyana, the country is on a path to becoming a Caribbean powerhouse, Wood Mackenzie said. The super-major announced its 10th Guyana discovery this week, increasing the discovered recoverable resource in its Stabroek Block to more than 5 billion barrels.

On track to produce a million barrels, Guyana’s Liza Complex now best compares to Brazil’s Lula-Iracema, one of the world’s largest deepwater finds, said Luiz Hayum, research analyst with Wood Mackenzie’s Latin America upstream oil and gas team.

“With 17 prospects still to drill, Stabroek is writing Guyana’s future. It will easily become the 4th largest oil producing nation in Latin America and the Caribbean by the next decade, with chances to outperform the countries preceding it. If Venezuela and Mexico fail to address production declines, Guyana could quickly surpass them to number 2,” Hayum said.

There are many prospects left to chase at the Stabroek block, with a success rate of 83 so far, Wood Mackenzie said.