TORONTO – Guyana again topped the entire world for conventional oil discoveries in 2019 with a cumulative estimate of recoverable resources of around 1.8 billion barrels of oil found offshore the English-Speaking South American nation during the year, Rystad Energy said Thursday.
According to the Energy analyst, the country’s ranking was as a result of ExxonMobil’s four new discoveries in the Stabroek Block offshore Guyana coupled with Tullow Oil’s Jethro and Joe exploration wells that “established the presence of a working petroleum system to the west of the Stabroek block”.
“ExxonMobil can be declared explorer of the year for a second year in a row thanks to its ongoing efforts and results in Guyana, along with significant investments in Cyprus…the supermajor was exceptional, both in terms of discovered volumes and value creation from exploration,” Palzor Shenga, a senior analyst on Rystad Energy’s upstream team, was quoted as saying.
Rystad Energy said ExxonMobil, a US company, discovered around 1.07 billion barrels of oil in additional net resources last year and estimates the value creation from these volumes to be around US$2.7 billion, mainly driven by the continued success in Guyana.
The energy analyst noted that the world’s oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015. Last year recorded 26 discoveries of more than 100 million barrels of oil, with offshore regions dominating the list of new oil and gas deposits.
ExxonMobil was also the world’s top company for 2019 also mainly because of its Guyana discoveries.
“US independent Hess and Chinese state player CNOOC, which are partners with ExxonMobil in the Stabroek Block, occupy the second and the third spots on the list of top explorers of 2019 in terms of value creation from the Guyana discoveries,” Rystad said.
Guyana, which commenced oil production in December 2019, is set to produce 750,000 barrels of oil in 2025 from the Stabroek Block.