Guyana at ‘top end’ of global oil recovery pursuits this year… RYSTAD Energy

Such doubts as may exist regarding Guyana having arrived in ‘big league’ insofar as future global oil recovery projections are concerned are continually being dispelled by highly respected world-class analysts in the industry who see the country’s vast reserves becoming, increasingly, to focus of high profile recovery pursuits in the period ahead.

Earlier this week, on the back of projections being made by Rystaad Energy that global oil and gas investments are expected to grow by a staggering US$26 billion, the energy research and business intelligence group said that offshore recovery in the sector will be led largely by Latin America, notably, Guyana and Brazil. Overall, RYSTAD says that region should attract around eighty (80) projects worth up to US$85 billion which are up for approval in this year.

Latin America, Rystaad is quoted as saying, will be responsible for around 24% of the total offshore sanctioning values next year, tied for No. 1 as a region with Europe.

These days, pronouncements with regard to global oil recovery projections, going forward, rarely if ever exclude mention of Guyana where EXXON Mobil continues to draw increasing international attention to the country’s offshore Stabroek Block where Guyana is believed to hold significantly more recoverable discovered oil and natural gas than had been previously estimated.

While still heavily indebted Guyana remains a considerable distance away from realizing the returns from its now confirmed enormous oil and gas resources, the recent disclosures by Rystaad are bound to heighten external investor interest in a country that be seeking to undertake a multi-faceted upgrading of its physical infrastructure to match its overall modernization ambitions.

The recent RYSTAAD disclosures, notably its pronouncement on EXXON Mobil’s pronouncements on its offshore Guyana oil finds, puts into perspective an earlier announcement that the oil giant’s Chairman and Chief Executive Officer, Darren Woods will travel to Guyana to attend the country’s February International Energy Conference and Expo. A delegation from Brazil is also expected to be here for the event.

RYSTAAD’S upbeat projections regarding the immediate-term future of global investments in the oil and gas sector are reportedly tempered by what the entity’s Head of Energy Service Research Audun Martinsen is quoted as saying is the “pervasive spread of the Omicron variant” of the cononavirus pandemic which he says “will inevitably lead to restrictions on movement in the first quarter of 2022, capping energy demand and recovery in the major crude-consuming sectors of road transport and aviation” though he adds that “the outlook for the global oil and gas market is promising.”