Editorial

Oil majors gradually taking over Guyana-Suriname basin

  • Posted 2 months ago
  • Oil & Gas
Editorial note: the map here from Suriname, does not show the disputed area (Tigri) claimed by Guyana.

The oil majors ExxonMobil, TotalEnergies, Chevron, and Shell are gradually expanding their presence in the Guyana-Suriname Basin. With some contracts expected to be finalized in 2024, these four companies will have stakes in 15 offshore blocks, amounting to more than 75,000 square kilometers (km2).

ExxonMobil is expected to acquire its fifth block in the basin, once it finalizes a contract with Guyana for block S8. The block was awarded after Guyana’s first offshore licensing round to a consortium of ExxonMobil, Hess and CNOOC. Exxon will pick up this block after announcing a decision to divest its stake in Guyana’s Kaieteur block, late last year. Exxon also holds a 35% operating stake in the Canje block, and a 45% operating stake in the prolific Stabroek block, where it has made dozens of discoveries, has lined up six oil developments, and plans to drill many more exploration and appraisal wells in the next few years.

Over in Suriname, Exxon has a 50% stake in block 52, where Petronas has made two discoveries – Sloanea-1 and Roystonea-1. It also operates block 59, with a 33% interest. Altogether, Exxon will hold stakes in blocks in the basin which amount to 47,856 km2.

Chevron, through its acquisition of Hess, has gained access to a coveted prize – 30% interest in the Stabroek block. Chevron will also hold a stake in block S8 offshore Guyana when the contract is finalized.

Discussion

Keep it polite and friendly  – Give helpful, constructive feedback.

Browse by Country