BY the end of this week Guyana is expected to announce yet another major oil find in its basin which has already yielded 14 discoveries totalling some six (6) billion oil-equivalent barrels.

Chief Executive Officer (CEO) of the Guyana Office for Investment (GO-Invest), Owen Verwey, made the announcement at the recent Society of Petroleum Engineers (SPE) Offshore Europe Conference and Exhibition held in Aberdeen, Scotland.
“There have been some big discoveries and, by next Friday, we will be announcing another one,” Verwey stated, while adding “we are one of the hottest destinations for the oil and gas industry right now and that is set to continue.”

Reports coming out of the Petroleum Economist, an online energy magazine, quoted Verwey as stating that Guyana’s “GDP is going to double in a matter of 17 months,” something he does not believe another country in the world has experienced in the last century.
“There is a tsunami of cash investment coming into the economy, a huge increase in disposable income created by business activity,” he explained.
To date, U.S oil giant ExxonMobil has made 13 discoveries in the Stabroek Block, while Tullow Guyana B.V. made its first discovery in August 2019 offshore Guyana at its Jethro-1 well in the Orinduik Block.

Even while data from the Jethro-1 discovery was being analyzed, the company’s spokesman George Cazenove, told the Guyana Chronicle that the well likely exceeds Tullow’s pre-drill estimates of 100 million barrels of recoverable resources.
Exxon’s last discovery at the Yellowtail-1 area came on April 18, 2019, while Tullow’s announcement was made on August 12.

Tullow commenced drilling a second well, the Joe-1 well, on August 27 and ExxonMobil was last reported as continuing at other locations on the Stabroek Block. Repsol Exploration (Repsol), a Spanish oil company, is also drilling the Carapa-1 well in the Kanuku Block. Drilling commenced on September 1, 2019, with the company targeting 200 million barrels of oil in its first well.