• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
U.S. Oil Drilling Activity Stalls

U.S. Oil Drilling Activity Stalls

The total number of active…

Red Sea Disruptions Spark Oil Tanker Shortfall

Red Sea Disruptions Spark Oil Tanker Shortfall

Disruptions in the Red Sea…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Guyana Delivers Again: New Discovery Made Offshore

Frontera Energy struck oil in the Corentyne Block offshore Guyana, the company said this week.

"Initial results from the Kawa-1 well are positive and reinforce CGX and Frontera's belief in the potentially transformational opportunity our investments and interests in Guyana present for our companies and the country," said Frontera board chairman Gabriel de Alba.

"Kawa-1 results add to the growing success story unfolding in offshore Guyana as the country emerges as a global oil and gas exploration hotspot," he added.

Indeed, Guyana has turned into the brightest star in the oil universe lately after Exxon and its partner Hess made a string of discoveries in the Stabroek Block, unlocking reserves of more than 10 billion barrels of crude.

Since it first struck oil offshore Guyana, the U.S. supermajor has made more than 20 discoveries; the latest two announced earlier this month.

"Both discoveries increase our understanding of the resource, our continued confidence in the block's exploration potential, and our view that the many discoveries to date could result in up to 10 development projects," said Mike Cousins, senior vice president of exploration and new ventures at Exxon t the time.

It was thanks to Exxon's discoveries that Guyana became an oil exporter a couple of years ago and has further ambitions in this respect as production grows. This month, the daily average is seen rising threefold to 340,000 bpd after Exxon puts into operation a second floating production, storage, and offloading vessel.

Frontera, meanwhile, which is exploring the Corentyne Block through subsidiary CGX, plans to spud a second well in the block in the second half of the year.

Guyana, meanwhile, is in talks on an oil alliance with neighbors Suriname and Brazil. Reuters reported last month that the three were discussing building infrastructure that would help them better share their energy and natural resources.

By Irina Slav for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News