Judging by the first 3 months of 2021 it seems that this year has gone off into a wrong start, instead of economic rebounds we face a third rendition of a market slump. Nevertheless, 2021 is bound to become much more prolific in oil discoveries than 2020 was – many of the wildcats initially planned for 2020 were moved to the next year for financial or health security reasons, all the while some new frontier areas were opened up only very recently and 2021 will see its natural continuation there. Several wells have already been spudded, for instance the early top-5 contender Perseverance-1 (prospective resources of 770 MMbbls) spudded in the offshore zone of the Bahamas has encountered oil, however, in non-commercial volumes.
In Latin/South America, besides the Bahamian dry Perseverance prospect, many hopes were pinned to the continuation of drilling in the Guyana/Suriname Basin. Despite clinching a total of 18 discoveries within the Stabroek Block, ExxonMobil’s drilling programme has been disappointing lately. First, the Tanager-1 well (although this was on the Kaieteur block to the north of Stabroek) turned out to be dry in November 2020, then Hassa-1 wildcat “did not encounter hydrocarbons in the primary target reservoirs” in January 2021 and now Bulletwood-1 (Canje Block) ended up being non-commercial. Guyana will still have an opportunity to bounce back in 2021 with the Kawa-1 wildcat, however, it seems that if the basin is to wield any significant discoveries, they would be located in Suriname’s offshore where several high-potential wells are scheduled for this year, most notably Goliethburg-Voltzberg North-1.
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Source: Oil Price