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The offshore region of the Guyana Basin—straddling shallow and deepwater acreage across Guyana and Suriname on the north coast of South America—is a striking reminder of the material oil resource potential remaining worldwide and the challenges now facing the upstream sector in realizing that potential. The Liza-1 new field wildcat (NFW) well drilled by ExxonMobil and partners in 2015 opened the Upper Cretaceous New Amsterdam play that has subsequently expanded to 11.2 billion boe of recoverable resource. Substantial volumes have been added to this play during 2020 following three world class discoveries being recorded by Apache/Total in Suriname's offshore, and the eastern extent of the Basin is set to be further tested by their Keskesi East-1 NFW, and by PETRONAS/ExxonMobil's Sloanea-1 NFW, both located in Suriname and currently drilling. A supportive host government and focused capital spend resulted in first production from the Liza field being achieved in 2020, beginning an aggressive basin-wide development program that IHS Markit projects could result in production from the Guyana Basin exceeding 1.6 MMboe/d by the end of the decade. The aboveground challenges to this outlook—beyond that posed by the COVID-19 pandemic and weak oil prices—are material. Guyana has accelerated the build-up of institutional capacity to oversee offshore E&P activity, but this capacity is limited and will be tested by the massive influx of capital spending and material cash flow resulting from planned resource development. The competitive landscape continues to evolve as upstream players jockey for partners and positions in this prolific play. On the geopolitical front, there may be a need for cross-border co-operation over developments located near the Guyana / Suriname border; and to the northwest Venezuela continues to press a maritime territorial claim to a significant portion of the basin area. In this webinar, the IHS Markit Worldwide Plays & Basin team will discuss the technical, commercial, economic and competitive landscape aspects of this critically important and prolific Emerging phase basin.
Executive Director, Upstream Research
Research and Analysis Associate Director
Senior Research Analyst, E&P Terms and Above-Ground Risk, IHS Markit
Date : Wednesday, 9 December 2020
Time : 02:00 pm GMT