Could Guyana Replace Venezuela As A Regional Oil Giant?
Guyana is continuing to build its reputation as the new oil hub of the Americas. There are more oil firms seeking a stake in the country’s oil fields. With that, it seems new discoveries are being made almost every month as exploration activities continue. Can they become the top Regional Oil Giant?
International oil giants Hess, CNOOC, and ExxonMobil all have a stake in Guyana’s Stabroek Block where the firms have made significant discoveries over the last five years. Exxon alone claims to have made 20 discoveries, expected to contain around nine billion barrels of recoverable oil equivalent resources.
Eco-Atlantic is the latest oil firm to join the major players, acquiring a stake in JHI Associates and taking its share in the Canje block off the coast of Guyana, where Exxon operates.
A 2021 multi-well exploration program will develop upon activities in the Canje Block to see how far the region’s hydrocarbon system extends. The low-risk drilling project could provide greater insight into the extent of Guyana’s oil reserves. This will surely impact them as a regional oil giant.
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Source: Oil Price
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