Oil Firms to Spend $53Bn at Stabroek Block

Global oil firms are preparing to spend more than $53 billion in Guyana’s coveted Stabroek Block during the coming decade.

According to Rystad Energy research, recent discoveries in the Guyana-Suriname basin have proven a wider petroleum system and may cause an upgrade in resource estimates, drawing extra attention to upcoming wells.

It said that with more than 8 billion barrels of recoverable oil discovered in Stabroek thus far, companies are set to boost their capital expenditure for the area, with ExxonMobil leading the way.

The Liza field – the first and largest discovery in the block – has increased the oil major’s appetite, as its capital expenditure in Guyana is forecast to reach around $22.6 billion between 2019 and 2030.

US independent Hess is expected to follow with a capex of some $15.1 billion and CNOOC of China with $12.6 billion. The Liza field will attract most of the expenditure, with the Turbot field and the Payara field expected to round out the top three.

The 2015 Liza find has completely rewritten the script for Guyana’s economic outlook, with capital investments (including exploration) having surpassed $3 billion in 2019.

“Currently, most of the costs are being spent on developing Liza and finding new resources. Soon, however, capital-intensive new development projects are likely to kick off, with greenfield costs forming a major part of the spending,” said Palzor Shenga, Senior Upstream Research Analyst at Rystad Energy.

Current News

New York Terminates Offshore Wind Transmission Plan Due to Federal Uncertainty

New York Terminates Offshore W

Equinor Opts for CHC Helicopter to Service Two North Sea Fields

Equinor Opts for CHC Helicopte

High-Voltage Substation for RWE’s Thor Wind Farm Sails Away from HSM Offshore

High-Voltage Substation for RW

EnerMech Bags Two-Year O&M Services Extension in North Sea

EnerMech Bags Two-Year O&M Ser

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine