The total estimate of recoverable oil and gas in Guyana rose to 11.6 billion barrels, Natural Resources Minister Vickram Bharrat said on Wednesday.The figure is up from the more than 11 billion barrels that has been used since 2022 by an oil production consortium led by Exxon Mobil.
Bharrat discounted higher figures released earlier this year by a research firm, saying in a media briefing that the new figure represents a “slight increase” from previous forecasts.
Winners of a 2023 offshore bidding round
for offshore development blocks are reviewing production and agreement agreements with the intend to sign, he said. Bharrat did not say when they expected to conclude the reviews.An existing license to develop one of its blocks, held by Canadian firms CGX and Frontera Energy, has expired and no decision has been made to renew it.
“There is no license held by CGX presently. However, the matter is still at the cabinet level for further discussion,” Bharrat said.
Source:https://www.marketscreener.com