Oil firms to splash billions on Guyana’s Stabroek block, Rystad says

Liza FPSO; Source: Hess

Recent discoveries in the Guyana-Suriname basin have proven a wider petroleum system and may cause an upgrade in resource estimates, drawing extra attention to upcoming wells, Norwegian energy intelligence firm Rystad Energy has said. 

Meanwhile global oil firms are preparing to spend more than $53 billion in Guyana’s coveted Stabroek Block during the coming decade, Rystad Energy research shows.

With more than 8 billion barrels of recoverable oil discovered in Stabroek thus far, companies are set to boost their capital expenditure for the area, with ExxonMobil leading the way. The Liza field – the first and largest discovery in the block – has increased the oil major’s appetite, as its capital expenditure in Guyana is forecast to reach around $22.6 billion between 2019 and 2030.

US independent Hess is expected to follow with a capex of some $15.1 billion and CNOOC of China with $12.6 billion. The Liza field will attract most of the expenditure, with the Turbot field and the Payara field expected to round out the top three.

The 2015 Liza find has completely rewritten the script for Guyana’s economic outlook, with capital investments (including exploration) having surpassed $3 billion in 2019.

“Currently, most of the costs are being spent on developing Liza and finding new resources. Soon, however, capital-intensive new development projects are likely to kick off, with greenfield costs forming a major part of the spending,” said Palzor Shenga, Senior Upstream Research Analyst at Rystad Energy.


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Navingo Career Event

The Navingo Career Event is Europe’s biggest career event for the maritime…

read more >

Offshore Technology Conference (OTC) 2020 Postponed

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply