- ExxonMobil projects almost 11 billion barrels of oil in a single basin section.
- The report suggests Guyana-Suriname can potentially be one of the hottest new oil venues in the world.
Guyana-Suriname Basin, an Atlantic-margin basin in South America, is offering ExxonMobil Corp. better terms than Nigeria. According to an energy report by oilprice.com, this translates to more investments flowing there than in Nigeria.
In the report, titled “Emerging Market Oil: The Sweet Spots with All the New Barrels,” the organisation said that the United States oil and gas giant ExxonMobil Corp. and a dozen other companies were working non-stop to not only increase their assets but also develop new reserves in the oil venue (Guyana-Suriname Basin).
The report showed that Rystad Energy, a Norwegian energy research and business intelligence company, had predicted that the English-speaking country with a population of less than a million people will “leapfrog the United States over the next decade as one of the world’s largest offshore producers.”
Guyana-Suriname, located within the border of the Corporative Republic of Guyana, can potentially be one of the hottest new oil venues in the world, oilprice.com suggests. The Guyana basin is projected to be a game changer in the global oil industry, especially if ExxonMobil’s projection of almost 11 billion barrels of oil in a single section of the basin comes true.
The report read in part, “The offshore Guyana-Suriname Basin, where the largest U.S. oil and gas producer, ExxonMobil Corp., and about a dozen other companies are working non-stop to develop new reserves, has emerged as one of the hottest, if not the hottest, new oil venues in the world today. The Guyana basin, off the northeast coast of South America, is poised to have a major impact on the world oil markets if ExxonMobil’s projection of almost 11 billion barrels of oil in a single section of the basin holds true.”
As of July 2023, Nigeria, Africa’s biggest economy, produced 1.25 million bpd, according to data from the Organization of Petroleum Exporting Countries (OPEC). This number signifies an improvement from the past, when crude oil theft, vandalism, and all forms of economic sabotage negatively impacted the numbers. In 2022, a senior executive at ExxonMobil said, “We are not leaving,” adding that the deep water in Nigeria remains an attractive opportunity. However, it has to compete with other opportunities around the world.