Guyana Lisa may be the last major frontier prospect discovered in the world

According to a report by Petroleum Today on May 14, 2021, the Guyana-Suriname Basin is regarded by analysts in the oil and gas industry as the last important area of ​​global deepwater exploration.

In a new research report on global future oil and gas exploration recently seen by Petroleum Today, Westwood Global Energy Group stated that many changes will take place in the global oil and gas exploration field in the next five years.

Westwood said, "In 2015, the oil industry was affected by the plunge in oil prices and ended the boom of $100/barrel.

Westwood said: "The world-class Lisa oil field was discovered in Guyana in 2015.

However, Westwood said that the success of the Guyana-Suriname Basin is highly concentrated.

Westwood said: “In general, since the oil price plunge in 2014, people have paid more attention to cycle time, and exploration companies have invested more in proven basins and mature and mature prospects.

This is particularly evident in 2020.

Westwood believes that unless there are major discoveries elsewhere to open up other basins, future hot spots may be dominated by current areas, such as the Guyana-Suriname Basin.

　　The consulting group stated: “The Late Cretaceous Lisa prospect is the largest new petroleum prospect that has emerged since the discovery of the 30 billion barrels of subsalt carbonate prospect in the Brazilian Sea.

　　Petroleum Today learned that in the 9 years between the discovery of the Tupi and Lisa oil fields, more than 250 companies around the world participated in more than 350 frontier exploration wells, of which 70% of the exploration wells were targeted for oil and gas.

　　Westwood said: "Since the discovery of the Lisa Oilfield, only 11 of the 159 frontier prospects drilled have potential commercial value.

　　Are there billions of barrels of oil reserves still to be discovered on the earth? How difficult will it be for the oil industry to continue to find these reserves? People will wait and see.

　　Li Jun compiled from Petroleum Today

　　The original text is as follows:

　　Liza could be last major frontier oil play discovered in the world – Westwood

　　The Guyana-Suriname basin is viewed by analysts in the oil and gas industry as potentially the last major frontier for deepwater discoveries.

　　In a new study seen by OilNOW with focus on future exploration, Westwood Global Energy Group said much can happen in the exploration world in five years.

　　"In 2015 the industry was reeling from the oil price crash that ended the $100/bbl boom period.

　　"Then along came the Liza discovery in 2015 in acreage in Guyana that opened a potentially ten-billion-barrel oil province, the first since the presalt Santos in 2006," Westwood said.

　　The consultancy group said the success in Guyana-Suriname has been highly concentrated, however, with 85% of the discovered resource captured by the three partners in the Stabroek licence where US oil major ExxonMobil has so far found over 9 billion barrels of oil equivalent resources .

　　"Overall, since the 2014 oil price crash there has been more of a focus on cycle times and explorers have been allocating more capital to proven basins and maturing and mature plays," Westwood said.

　　This was particularly evident over the last year where despite the industry being hit severely by plummeting oil demand and prices bottoming out, investments in the Guyana-Suriname basin remained robust.

　　Westwood believes future hotspots are likely to be dominated by those of the present, such as the Guyana-Suriname province, unless significant discoveries are made elsewhere, opening up other basins.

　　“The Upper Cretaceous Liza play is the largest new oil play to emerge since the 30 bnbbl Pre-salt Carbonate play offshore Brazil that emerged with the Tupi discovery in 2006,” the consultancy group said.

　　OilNOW understands that in the nine years between Tupi and Liza, more than 250 companies participated in over 350 frontier exploration wells globally with ~70% of these targeting oil plays and more than half attempting to open new basins.

　　"Since Liza there have been just 11 potentially commercial discoveries from the 159 frontier play wells drilled," Westwood said.
"These include the giant gas plays in the Upper Cretaceous of the MSGBC (Tortue 2015) and the carbonates of the Eastern Mediterranean (Zohr 2015).
There have been no new oil plays opened.
"

　　Are there more multi-billion-barrel oil plays out there to be found and how hard will the industry continue to search for them?