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Post by Blitz on Jun 2, 2022 16:12:53 GMT -5
Guyana’s deeper waters leading to new oil discoveries, Hess CEO says June 2, 2022 brazilenergyinsight.com/2022/06/02/guyanas-deeper-waters-leading-to-new-oil-discoveries-hess-ceo-says/ (Reuters) – An Exxon Corp-led consortia operating in Guyana has found new “attractive deep-water” oil prospects in the South American country, Hess Corp (HES.N) Chief Executive John Hess on Thursday during a web conference. Exxon operates the consortia responsible for all oil production in Guyana with a 45% stake, with partners Hess (30%) and CNOOC Petroleum (25%). New wells are being drilled at 18,000 feet, compared to 15,000 feet before, he said. The Fangtooth discovery well drilled earlier this year at 18,000 feet, for example, could underpin another production unit on its own, Hess said. |
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Post by Blitz on Jun 3, 2022 7:24:00 GMT -5
I added the map so it's easier to see how connected this area is. Also, the countries in this area are not the richest countries in the world. So, my guess is they will want to start selling this oil as soon as possible. That means this area should be a hot bed of deepwater drilling for a long time.  Like Guyana, Trinidad going after relinquishment of oil blocksBy OilNOW - June 3, 2022 oilnow.gy/featured/like-guyana-trinidad-going-after-relinquishment-of-oil-blocks/Along with a comprehensive review of its tax system, bid rounds for 17 deep water blocks, and the pursuit of gas exploration in cross border acreage to attract deep-pocket investors; the Government of Trinidad and Tobago says it is also open to implementing relinquishment provisions on companies that are sitting idle on their respective blocks. Making this announcement on Wednesday was Minister of Energy and Energy Industries, Stuart Young. Young stressed how important it is for upstream operators to commit to exploration and development of prospects within their acreage, since the government is on a mission to extend the life of its petrochemicals and liquefied natural gas (LNG) sectors. In this regard, Young said, “The Ministry will be working closely with operators to determine their work plans and in the event, there is no planned activity, relinquishment of acreage is an option we may wish to pursue.” He was keen to note that the government intends to work with Heritage Petroleum, one of T&T’s newest state-owned oil companies to ascertain what blocks it is desirous of giving up. The energy minister said, “It makes no sense for Heritage to sit on acreage when there are companies who are willing to spend money on exploration and production. If block holders, including Heritage, are not working the acreage we will explore and pursue relinquishing the acreage so those who want to produce oil are allowed to do so.” The announcement by T&T follows statements made by Guyana since last year that it would be pursuing the aggressive relinquishment of oil blocks ahead of its historic bid round set for the third quarter of 2022. According to Guyana’s Production Sharing Agreements, blocks are relinquished at varying degrees after three renewals are executed during a 10-year period. During that time frame, the company has an agreed-upon work programme it must complete. Government can also instruct companies to return a portion or all of the asset to the State if it is found that work programmes are not being executed. A word of caution in this regard, was issued this year to CGX Energy and its Canadian partner, Frontera Corporation as both signaled that they would not be honouring their work obligations for the Demerara Block this year. Minister of Natural Resources, Vickram Bharrat informed the joint venture however that two commitment exploration wells must be drilled on the Demerara block per the terms of the Demerara Petroleum Prospecting License and associated Petroleum Agreement prior to February 12, 2023. The agreement categorically states that the partners would have to relinquish more than 20 percent of the block if they renege on their obligations. |
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Post by Blitz on Jun 3, 2022 7:28:07 GMT -5
I hate to admit it, but I did not even know there was country named Suriname until I started reading about Guyana's offshore oil earlier this year. that said, this summit should lead to more holes drilled in the seafloor. And now this... Suriname “open for business” as over 2,000 energy stakeholders expected at upcoming oil and gas summitBy OilNOW - June 3, 2022 oilnow.gy/featured/suriname-open-for-business-as-over-2000-energy-stakeholders-expected-at-upcoming-oil-and-gas-summit/ Suriname’s Energy, Oil and Gas Summit and Exhibition (SEOGS) will be making a return for its second edition, at a time when the South American nation is poised to be a major player in the global energy industry. Staatsolie Maatschappij Suriname N.V. – Suriname’s state oil company is hosting the event, with the full support of the country’s Ministry of Natural Resources and its Ministry of Foreign Affairs, International Business, and International Cooperation. Some 2,000 local, regional, and international energy stakeholders are expected to attend the event being held in Suriname’s capital – Paramaribo on June 28-30. Deepwater blocks offshore Suriname up for grabs later this year | OilNOW “Suriname is open for business and given the recent significant offshore hydrocarbons finds, we see huge opportunities for our international and national partners, and for the development of our natural resource wealth for the benefit for all,” said the Managing Director of Staatsolie, Annand Jagesar, via a post on LinkedIn. Staatsolie, he added, believes in the importance of attracting foreign investment while promoting local entrepreneurship and capacity building. And this is the role that the Energy Summit plays. Staatsolie has been developing Suriname’s hydrocarbon potential for more than 40 years, to generate electricity, and develop sustainable energy resources. Suriname’s first 3 offshore discoveries expected to produce around 1.4 billion barrels of oil – Rudolf Elias | OilNOW “And as Staatsolie looks to continue its path to becoming a regional integrated energy company, and Suriname, a global oil producer, SEOGS 2022 reinforces our Vision 2030 and helps lay the foundation and strategy for a collaborative, sustainable and inclusive energy future that enables societal, commercial and community prosperity,” he outlined. Funds generated from the Energy Summit will be used to support Suriname’s, Vaccination Fund. Suriname has racked up a series of offshore discoveries in recent years, including at Block 58 by Apache and TotalEnergies, though oil production has not commenced there yet. |
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Post by Blitz on Jun 3, 2022 7:34:10 GMT -5
Here's a vintage 2017 article on the region with a map of the players involved. Recently Exxon has had a lot of success drilling their holes in the sea floor and how long it takes to go from exploration to production... Guyana-Suriname Basin ranked 2nd most prospective in the world for oilBy OilNOW - August 24, 2017 oilnow.gy/featured/guyana-suriname-basin-ranked-2nd-most-prospective-in-the-world-for-oil/ An estimated 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas could lie in the Guyana-Suriname Basin, making it the 2nd most prospective, underexplored offshore oil basins in the world, according to the United States Geological Survey. Experts have long suspected that the basin may share a similar geology with the West African coast, where thousands of wells form part of numerous exploration and production projects from Mauritania to Namibia as well as the prolific producers in the Gulf of Guinea, including Nigeria, Angola and now Ghana. In comparison, around 50 wells have been drilled offshore in the Guyana-Suriname Basin. This is according to JHI Associates; an oil and gas company focused on frontier exploration activities in the region. The basin is also home to an impressive roster of the leading exploration companies in the world, including super-majors like ExxonMobil and Chevron; National Oil Companies (NOCs) like Repsol and Statoil; and smaller companies with successful track records developing the Atlantic Margin offshore West Africa, including Kosmos Energy and Tullow Oil. The world class Liza discovery by ExxonMobil in 2015 off the Guyana coast and subsequent finds in the Stabroek Block have served to de-risk the basin and renew optimism in this new frontier. To date, ExxonMobil’s discoveries in Guyana amount to more than 3.2 billion oil-equivalent barrels, with the first production phase set for mid-2020. Other companies are now ramping up exploration activities offshore Guyana, such as Eco Atlantic, which recently conducted a 2,550 km2 seismic survey on the Orinduik Block, in partnership with Tullow Oil. CGX Energy has also signaled its intent to get back in the game. Meanwhile, in Suriname, Tullow has contracted US-driller Noble Corporation for an exploration well on its Araku prospect offshore. From all indications, the Guyana-Suriname Basin seems set to become the next hot-spot in offshore oil exploration activities. |
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Post by Blitz on Jun 3, 2022 7:43:31 GMT -5
You don't need more support unless you need more support for holes in the seafloor and more production support for getting oil and gas to the beach. And now this... GYSBI joins forces with Houston logistics giant to service Guyana’s booming oil sectorBy OilNOW - June 3, 2022 oilnow.gy/featured/gysbi-joins-forces-with-houston-logistics-giant-to-service-guyanas-booming-oil-sector/UTC Overseas, an international freight forwarding, and cargo logistics company headquartered in Houston, has expanded its operations in Guyana after teaming up with the South American country’s largest shore base contractor, Guyana Shore Base Inc. (GYSBI). GYSBI’s 130-acre supply base on the Demerara River, close to the capital city Georgetown, provides shore-based management and logistics services for energy major ExxonMobil and other oil and gas operators in the region. The new joint venture is now expected to offer operators project forwarding, warehousing, distribution and shore-based services, along with air, ocean and land transportation and customs clearance. According to UTC, the venture will give customers “boots-on-the-ground” and local knowledge alongside a strong global network with expertise in turnkey, greenfield and large-scale energy projects. “UTC’s reputation in the oil and gas market will open doors with existing and prospective customers,” said Steve Ross-Munro, UTC’s Regional Director in charge of business development. “Working with our extensive office network and partnering with GYSBI, we will collaborate to expand opportunities with customers worldwide, relying on the trusted experience and knowledge base that has driven both companies’ success,” he added. Guyana’s largest shore base gets ISO 9001 certification | OilNOW Sean Hill, GYSBI’s General Manager commented that Guyana is a rapidly growing market; as such, “joining with UTC is a natural progression for GYSBI to expand our service offering to our large existing client base.” Hill added, “We will be able to provide full turnkey services from picking up equipment at a client’s international base, transporting to and storing in Guyana, mobilising it offshore and back again, and re-exporting those tools if needed. Our clients can now leave the full international and domestic transport headaches to us, allowing them to focus on delivering service quality to their clients offshore.” In less than a decade, Guyana has emerged as one of the world’s most exciting hotspots for offshore crude oil exploration, with estimated recoverable resources of almost 11 billion barrels of oil equivalent resources at the giant Stabroek Block. A string of major offshore discoveries led by ExxonMobil could see the country becoming the world’s top per capita oil producer by the end of the decade. ExxonMobil, alongside partners Hess and CNOOC, expects to be producing more than 800,000 barrels of oil per day from the 6.6-million-acre Stabroek Block by 2025. Motivated by ExxonMobil’s success and the prospect of lower production costs as local infrastructure and expertise develops, other operators, including Spain’s Repsol, UK-based Tullow Oil and Canada’s CGX Energy are aggressively pursuing exploration programmes in hopes of landing similar finds. |
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