Guyana declared as one of only nine new super basins worldwide
/ Our Today
administrator
Durrant Pate/ Contributor
Guyana has been identified as one of only nine new super basins worldwide to deliver over five billion barrels of oil equivalent since 2000.
Super basins are defined as large-scale basins with proven long-term productivity. S&P Global reported that Guyana is part of a new wave of discoveries that continue to shape global supply outlooks.
The classification was presented by S&P Global Commodity Insights at the recent Suriname Energy Oil and Gas Summit. The S&P Global analysis found that since the Liza-1 discovery nearly a decade ago, Guyana has emerged as a major contributor to global oil volumes.
It joins regions such as the Deepwater Gulf of Mexico, Brazil’s Santos Basin, and the Nile Delta in Egypt. S&P Global reported that the world will need an additional 28 million barrels of crude oil per day by 2050.
Filling the gap
Guyana is well placed to help fill that gap with its offshore developments having among the lowest breakeven prices globally. Projects are viable well below US$60 per barrel, placing Guyana ahead of traditional producers like the Middle East.
S&P Global’s cost curve analysis showed that Guyana ranks below the global average breakeven price, making its projects highly competitive.
This puts the country at a strategic advantage as global supply tightens. Despite cost inflation, global oil projects remain efficient. Guyana’s cost performance has made it a standout in S&P Global’s basin rankings.
Since 2000, twenty-six super basins have accounted for most of the world’s discovered volumes. Guyana’s inclusion highlights the scale and impact of its offshore reserves. With fewer major discoveries in recent years, S&P Global stressed that basin selection is now critical.
Guyana is one of about 100 basins considered favourable for exploration and production in the current energy landscape.
Comments