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Guyana’s oil reserves rise to 18.7 billion barrels – S&P Global
…The government has not yet updated the country
Kaieteur News– U.S. analytics firm S&P Global said in a May report that Guyana’s oil reserves have increased since 2015 to about 18.7 billion barrels of recoverable resources.
The report was prepared by S&P Global Commodity Insights analysts Fernanda Machado, Mariana Anjos and Jerry Jarvis.
“In just nine years, it has become the fifth largest basin in Latin America and continues to grow,” analysts said.
They said production is expected to peak in 2037 at 2.3 million barrels of oil equivalent per day, with oil accounting for 90%.
“High-quality, low-emission, cost-effective natural gas is already entering the European market,” the analysts said. “Currently, all gas production is tied to oil and reinjected, but sales are expected to increase.”
There are concerns about the lack of transparency regarding the country’s oil reserves. The Guyana government has failed to regularly inform the public about the status of the reserves and how they are being managed.
In April, Vice President Bharrat Jagdeo explained that while ExxonMobil’s recent discovery was significant, it did not represent a significant increase in the country’s overall oil reserves.
The last resource count was on April 26, 2022, when recoverable resources in the Stabroek block were announced at nearly 11 billion barrels of oil equivalent. Since then, ExxonMobil has announced eight discoveries, including the Seabob-1 and Kiru-Kiru-1 wells, Sailfin-1, Yarrow-1, Fangtooth SE, Lancetfish-1 and Lancetfish-2 wells, and the recently announced Bluefin discovery.
It was revealed that the Lancetfish oil field, discovered in April 2023, has an average reserve of approximately 100 million tons, equivalent to 746 million barrels, according to the conversion formula of the Independent Petroleum Association of the United States.
“Right now, there is a perception that this information is being withheld, and that is false,” the vice president told reporters. “I point out to you that we get these reports every three months, our reports state what the reserves are, and there have been no significant changes over the last year or so, so it is not a withholding of information that we have.”
According to him, “Information about reserves is part of the report, and the reserves are about 11 billion barrels. I pointed out… discovery does not mean you know the size of the reserves. To know the size of the reserves, long after the discovery, you have to do an assessment, look at the rock type, it is a complex process, and then you get the reserves.”
Contrary to the Vice President’s comments in May this year, Asghar Ali, Chairman of the Welsh Development Agency, said that about 15 billion barrels of oil had been discovered in the Stabroek block.
This is despite Vice President Bharrat Jagdeo and ExxonMobil Guyana Limited (EMGL) Country Manager Alistair Routledge insisting that the country’s oil resources have not changed significantly since the last update in 2022, when it stood at 11 billion barrels.
The former finance minister and former deputy governor of the Bank of Jamaica represented Guyana at the Jamaica Stock Exchange Conference in January this year. During an interview at the conference, he revealed the discovery of another 4 billion barrels of oil.
“We don’t know the full extent of the oil reserves yet, but they are huge and I can explain what that means. I think they have found at least 15 billion barrels of oil in the (Stabroek) block. So at this point, I think Exxon has found 25% to 35% of that,” said economist Ally.
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