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There’s Nothing That Can Stop The World’s Next Oil Hotspot

The considerable oil potential of the Guyana-Suriname Basin, which the U.S. Geological Survey estimated to hold almost 14 billion barrels of crude oil and 32 trillion cubic feet of natural gas, makes both countries important geopolitical prizes.

The prize for the oil companies operating in the waters off the coast of Guyana and Suriname are huge when this is compared to mature basis such as the UKCS. Suriname alone has contributed 1.4 billion barrels of the roughly 10 billion barrels discovered so far this year, according to Rystad Energy.

Apache and partner Total made three oil discoveries in Block 58 offshore Suriname since the start of 2020. These were the Maka Central-1 well in January, April’s Sapakara West-1 well and the Kwaskwasi-1 well in June. Apache expects to replicate Exxon’s success in offshore Guyana in Suriname. Malaysian energy major Petronas, roughly one week ago, spudded the high-profile Sloanea-1 exploration well in its Block 52 Offshore Suriname. It is anticipated that this well will replicate Apache’s success. In May 2020, the company announced it had inked a farm-out deal for Block 52 with Exxon, the world’s third largest publicly traded oil company, buying a 50% interest in the block. That places Exxon in an ideal position to leverage off the expertise and experience gained in offshore Guyana.

One of our clients Oil Plus Limited has just began a partnership with local oilfield service company Rockway Oilfield Services in order to promote it's services to the many oil and gas operators now in the region. It will be working with Rockway in 2021 to push into the market in what it sees as one of the newest growth areas in the global oil and gas market.

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