![]() ![]() The Guyana-Suriname Basin is set to become one of the world’s most prolific offshore oil-producing regions, especially after it is considered that the USGS grossly underestimated the volume of crude oil contained in the basin. Related: Saudi Arabia Expresses Its “Total Rejection” Of U.S. Neighboring Suriname, which saw its economy hit hard by the pandemic with GDP plunging 15.9% during 2020, is hungrily eyeing the oil wealth held in its territorial waters. The former British colony’s oil-driven economic miracle is gaining momentum, with the IMF forecasting GDP growth of 57.8% for 2022. Those discoveries have been a boon for Guyana’s economy, which expanded by a whopping 43.5% in 2020, when the COVID-19 pandemic caused most economies to contract, and then by 19.9% in 2021. Since then, Exxon has made a swathe of high-quality oil discoveries, 33 since 2015, in the block, which is estimated to contain recoverable oil resources of at least 11 billion barrels. It wasn’t until 2015 when a consortium led by ExxonMobil made the world-class Liza oil discovery in the 6.6-million-acre Stabroek Block offshore Guyana. Geological Survey estimated that the basin contained mean undiscovered oil resources of 15 billion barrels, disappointing exploration results saw international energy companies shun the geological formation. The offshore Guyana-Suriname Basin emerged in 2019 as one of the world’s most exciting drilling frontiers. ![]()
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