Guyana ranks number four worldwide for top basins by well count –Norway group highlights

GUYANA, the newest oil producer in South America, is emerging as a major player in the global oil and gas industry.

The country, with current production of around 400,000 barrels of oil per day, has secured an impressive fourth position in the top 15 oil basins in the world by well-count ranking. The list was compiled by Norway’s Rystad Energy.

The independent energy research and business intelligence company said the ranking was based on offshore well-spud activity from January to June 2023.

The country’s offshore oil fields, particularly the prolific Stabroek Block, have been at the forefront of this success. The Stabroek Block is operated by ExxonMo- bil, with co-venturers Hess Corporation, and CNOOC.

Under its 35-well campaign, the partners had identified 10 drill targets for 2023. The list included Tarpon Fish-1 in the northwest corner of the Stabroek Block and Lancetfish-1, a deepplay exploration well, located approximately 2.5 miles northeast of the Fangtooth SE-1 well.

Exxon struck oil at the Fangtooth SE-1 well earlier this year and has already earmarked the reservoir as its seventh development. Basher-1 is also included on the list and targets a deep prospect in the Fangtooth area and Blackfin-1, which will penetrate an up-dip upper prospect east of the Barreleye discovery.

CGX Energy also hit crude at the Wei-1 well at the Corentyne Block, which delivered net pay of 77 feet in the Maastrichtian and Campanian intervals. 210 feet of hydrocarbon-bearing sands were determined to exist in the Santonian intervals, but an additional 2-3 months of studies are needed to confirm net pay in the Santonian.

According to Rystad Energy, Guyana ranks higher than its experi - enced peers -- Brazil’s Campos Basin and Namibia’s Orange Basin, just to name a few. The US Deepwater Gulf holds the top spot, while Norway’s Viking Garben Basin and Mexico’s Sureste Basin take the second and third spots, respectively.

Guyana is an impressive oil and gas destination with proven reserves of more than 11 billion oil-equivalent barrels. The country will become one of the world’s largest per capita oil producers in the next few years. (OilNOW)