From a selection of 144 countries and over 2,600 'country-specific' energy company profiles, KeyFacts Energy feature Guyana as part of our continuing series of snapshot reports, with selected information taken from our popular 'Energy Country Review' database

Featured companies:

• Cateleya Energy Corporation
• CGX Energy
• CNOOC Limited
• Eco Atlantic
• ExxonMobil
• Frontera Energy
• Hess Corporation
• JHI Associates
• QatarEnergy
• Ratio Petroleum
• TotalEnergies
• Tullow Oil

Guyana is located on the northern coast of South America between Venezuela and Suriname. Its oil and gas industry is in a very early stage of development. With its extremely favorable fiscal terms, several world-class E&P companies are involved in the country, including Exxon, Repsol, and Tullow. Fiscal terms in Guyana are based on a production sharing contract model. The model offers one of the highest "contractor take" percentages found worldwide with cost recovery of up to 75% and no royalties or taxes.

The United States Geological Survey (USGS) ranks the Guyana Suriname Basin 2nd in the world for prospectivity among the world’s unexplored basins and 12th for oil among all the world’s basins – explored and unexplored. The mean (P50) undiscovered resource potential is estimated at 15.2 billion bbls.

Country Key Facts

E&P COMPANIES

Cateleya Energy Corporation ("CEC")

Overview: Cateleya Energy Corporation (CEC) is a private, Canadian-registered, company established in 2015 and focused on oil exploration opportunities in the emerging Guyana-Suriname Basin. CEC's main asset is a 25% participating interest in the Kaieteur Block, which it holds through its wholly-owned subsidiary Cataleya Energy Limited (CEL). The 13,500 km² Kaieteur Block is located outboard of, and adjacent to, the Stabroek Block offshore Guyana.

In May 2021, Hess Corporation increased its working interest (WI) in the Kaieteur Block, offshore Guyana, from 15% to 20%. This increase occurred on the back of the Tanager-1 oil discovery, announced in November 2020, and via the farm-down of a 5% WI by Cataleya Energy to Hess.

Tanager-1, the first well drilled on the Kaieteur block, encountered 16 metres of net oil pay (20oAPI oil) in high-quality sandstone reservoirs of Maastrichtian age and confirmed the extension of the Cretaceous petroleum system and the Liza play fairway outboard from the prolific discoveries on the neighbouring ExxonMobil operated Stabroek Block. The well  was reported as an oil discovery which is currently considered to be non-commercial as a standalone development. High quality reservoirs were also encountered in Tanager-1 at the deeper Santonian and Turonian intervals.

Post the CEL farm-down the Kaieteur JV is composed of the following holdings:

• Esso Exploration and Production Guyana Limited: 35% (operator)
• Ratio Guyana Limited: 25%
• Cataleya Energy Limited: 20%
• Hess Guyana (Block B) Exploration Limited: 20%

Westmount holds approximately 5.3% of the issued share capital of Cataleya Energy Corporation, the parent company of CEL and circa 0.04% of the issued share capital of Ratio Petroleum the ultimate holding entity with respect to Ratio Guyana Limited.

CGX Energy

Overview: CGX is a publicly traded Canadian oil and gas exploration company that holds an interest in the Corentyne block in the Guyana Basin; a proven petroleum basin with over 11 billion barrels of recoverable oil equivalent discovered to date. Since 1997, CGX has been an active explorer both onshore and offshore Guyana.

Guyana operations: CGX Resources operates the Corentyne block under a Joint Operating Agreement (JOA) with Frontera Energy Corporation.

In 2021/2022, CGX successfully drilled its operated exploration well, Kawa-1, in the eastern channel sand complex identified in the northern segment of the Corentyne block. Success at Kawa-1, with 228 feet of net pay, proved an active hydrocarbon system that extends over a 6000 ft column, with preservation of good porosity at depth and helped de-risk additional prospects in the block. Hydrocarbon type discovered at Kawa-1 mirrors regional trends in the Guyana-Suriname Basin, with gas condensate prone Maastrichtian and Campanian and oil prone Santonian and deeper intervals. Kawa-1 partially de-risks surrounding prospect inventory at similar horizons elsewhere on the block, including the upcoming Wei-1 well. Wei-1 is being drilled between the Kawa-1 discovery and the Pluma discovery, on-trend with other major commercial discoveries near the northern region of the Corentyne block. The Wei-1 well will spud 4Q 2022 and target the western channel sand complex identified in the northern segment of the Corentyne block. CGX’s seasoned deep-water team is focused and ready to drill its operated Wei-1 exploration well with its JV partner Frontera Energy.

In 2019, CGX contracted PGS Geophysical to provide acquisition and processing services of a full broadband marine 3D seismic survey over a northern segment of the Corentyne block located offshore Guyana. The seismic acquisition was completed in 3Q 2019 and produced a seismic data volume covering approximately 570 km².  PGS completed PSTM (Pre-Stack Time Migration) and PSDM (Pre-Stack Depth Migration) processing in 2Q 2020. This survey enhanced the previously acquired seismic data volume over the Corentyne block. In 2021, CGX completed its evaluation of the 3D seismic data over the northern segment of the Corenytne block and identified multiple high potential prospects in the region. An enhanced look at the northern segment of the Corentyne block’s prospectivity and potentially low-risk and high-value prospect inventory were developed.

Discovery: In June 2023, CGX Energy updated the well results of its Wei-1 prospect off Guyana. In March 2023, the operator confirmed it had encountered hydrocarbon shows in the well. Then in early May, CGX reported a stuck wireline fluid sampling tool meant an open-hole sidetrack would be needed. CGX has now reached total depth on the bypass exploration and appraisal well, which penetrated the primary Santonian targets. Prior to the bypass, the well encountered an aggregate of approximately 71 ft of net oil pay in the secondary target reservoirs in the Maastrichtian and Campanian trends. Data indicates multiple hydrocarbon shows in the primary target, and CGX suggests results are encouraging.

CNOOC Limited

Overview: CNOOC Limited is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.

Guyana operations: The company holds a 25% working interest in the Stabroek Block, located approximately 200 kilometres offshore Guyana, covering 6.6 million acres. ExxonMobil is the operator with 45% interest and Hess has a 30% working interest. Recoverable resources are estimated more than 8 billion barrels of oil equivalent.

Within the Block, three discoveries had made in 2020 and five in 2019, making it 18 discoveries in the region since 2015. These include: Liza, Payara, Snoek, Liza Deep, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia, Haimara, Yellowtail, Tripletail, Mako, Uaru, Yellowtail-2 and Redtail. All the discoveries have enhanced value and potential of the block.

Liza Phase 1, which was sanctioned in 2017, has safely commenced production in December 2019, with peak production rates of 120,000 bbls/d. Liza Phase 2 is expected to produce 220,000 bbls/d when fully on stream. The nearby Payara development has first oil targeted for 2024.

The development came on stream in 2019, only five years after discovery. Typically, the timeline for a project of this scope would be seven to eight years. The pace of development demonstrates the industry leading project execution capabilities of the partners, as well as the collaborative approach.

Eco Atlantic

Overview: Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. 

Guyana operations: Offshore Guyana in the proven Guyana-Suriname Basin, the Company holds a 15% Working Interest in the 1,800 km² Orinduik Block Operated by Tullow Oil. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. 

Offshore South Africa, Eco is Operator and holds a 50% working interest in Block 2B and a 26.25% Working Interest in Block 3B/4B operated by Africa Oil Corp., totalling some 20,643km². 

Guyana operations: Eco’s experience in Guyana began in 2014 before the first Stabroek Liza oil discovery, Eco were awarded 40% of the Orinduik licence after bringing in the Operator Tullow Oil for 60% in early 2016. In 2018, Eco brought in TotalEnergies as farm-in partner to the block for 25% WI. Eco now holds, a direct, 15% working interest in the Orinduik Block and an indirect, ~1.3% working interest in the Canje Block.

ExxonMobil

Overview: ExxonMobil has leading positions in nearly all the major exploration and production areas in the world and in the newest opportunities, including the Gulf of Mexico, offshore West Africa and the Caspian Sea. Exxon Mobil Corporation's upstream business is organized into five global companies: Exploration, Development, Production, Gas Marketing, and Research.

In the second quarter of 2022, oil-equivalent production was 3.7 million barrels per day and at the end of 2021, ExxonMobil's proved reserves totaled about 22 billion oil-equivalent barrels, comprised of 65 percent oil and 35 percent natural gas.

Guyana operations: ExxonMobil is firmly established in Guyana, operating an office in Georgetown, with numerous ongoing exploration and development operations offshore. ExxonMobil Guyana is the first and largest oil producer in Guyana, and is the operator of the Stabroek, Canje and Kaieteur Blocks offshore. Over 25 significant discoveries have been made since May 2015, with production beginning in December 2019 from the Liza Phase 1 development. 

Discoveries in the Stabroek Block

• The Liza discovery was announced in May 2015. Liza-1 well was the first significant oil find offshore Guyana. It encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. 
• The Payara discovery was announced in January 2017. Payara is ExxonMobil’s second oil discovery in the Stabroek Block. The Payara- 1 well was drilled in a new reservoir, encountering more than 95 feet (29 meters) of high-quality, oil-bearing sandstone reservoirs. It was safely drilled to 18,080 feet (5,512 meters) in 6,660 feet (2,030 meters) of water.
• The Snoek discovery was announced in March 2017. Snoek is ExxonMobil’s third oil discovery in the Stabroek Block. The Snoek- 1 well was drilled in a new reservoir, encountering 82 feet (25 meters) of high-quality, oil-bearing sandstone reservoirs. The well was safely drilled to 16,978 feet (5,175 meters) in 5,128 feet (1,563 meters) of water.
• The Liza Deep discovery was announced in January 2017. An appraisal well, Liza-3, identified an additional high quality, deeper reservoir directly below the Liza field, which is estimated to contain between 100-150 million oil equivalent barrels.
• The Turbot discovery was announced in October 2017. Turbot is ExxonMobil’s fifth oil discovery in the Stabroek Block. The Turbot- 1 well was drilled in a new reservoir, encountering 75 feet (23 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,445 feet (5,622 meters) in 5,912 feet (1,802 meters) of water.
• The Ranger discovery was announced in January 2018. Ranger is ExxonMobil’s sixth oil discovery in the Stabroek Block. The Ranger- 1 well was drilled in a new reservoir, encountering approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water. This discovery demonstrated our ultra deepwater and carbonate exploration capabilities and it proved a new play concept for the Stabroek Block.
• The Pacora discovery was announced in February 2018. Pacora is ExxonMobil’s seventh oil discovery in the Stabroek Block. The Pacora- 1 well was drilled in a new reservoir, encountering approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of water.
• The Longtail discovery was announced in June 2018. Longtail is ExxonMobil’s eighth oil discovery in the Stabroek Block. The Longtail- 1 well was drilled in a new reservoir, encountering approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940 meters) of water.
• The Hammerhead discovery was announced in Aug 2018. Hammerhead is ExxonMobil’s ninth oil discovery in the Stabroek Block. The Hammerhead- 1 well was drilled in a new reservoir, encountering approximately 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 13,862 feet (4,225 meters) depth in 3,773 feet (1,150 meters) of water.
• The Pluma discovery was announced in December 2018. Pluma is ExxonMobil’s 10th oil discovery in the Stabroek Block. The Pluma- 1 well was drilled in a new reservoir, encountering approximately 121 feet (37 meters) of high-quality hydrocarbon-bearing sandstone reservoir. Pluma-1 reached a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water.
• The Tilapia discovery was announced in February 2019. Tilapia is ExxonMobil’s 11th oil discovery in the Stabroek Block. The Tilapia- 1 well was drilled in a new reservoir, encountering approximately 305 feet (93 meters) of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 18,786 feet (5,726 meters) in 5,850 feet (1,783 meters) of water.
• The Haimara discovery was announced in February 2019. Haimara is ExxonMobil’s 12th oil discovery in the Stabroek Block. The Haimara- 1 well was drilled in a new reservoir, encountering approximately 207 feet (63 meters) of high-quality, gas-condensate bearing sandstone reservoir. The well was drilled to a depth of 18,289 feet (5,575 meters) in 4,590 feet (1,399 meters) of water.
• The Yellowtail discovery was announced in April 2019. Yellowtail is ExxonMobil’s 13th oil discovery in the Stabroek Block. The Yellowtail- 1 well was drilled in a new reservoir, encountering approximately 292 feet (89 meters) of high-quality oil bearing sandstone reservoir and was drilled to a depth of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of water.
• The Tripletail discovery was announced in September 2019. Tripletail is ExxonMobil’s 14th oil discovery in the Stabroek Block. The Tripletail- 1 well was drilled in a new reservoir, encountering approximately 108 feet (33 meters) of a high-quality oil bearing sandstone reservoir and was drilled in 6,572 feet (2,003 meters) of water.
• The Mako discovery was announced in December 2019. Mako is ExxonMobil’s 15th oil discovery in the Stabroek Block. The Mako- 1 well was drilled in a new reservoir, encountering approximately 164 feet (50 meters) of a high-quality oil bearing sandstone reservoir and was drilled in 5,315 feet (1,620 meters) of water.
• The Uaru discovery was announced in January 2020. Uaru is ExxonMobil’s 16th oil discovery in the Stabroek Block. The Uaru-1 well was drilled in a new reservoir, encountering approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir and was drilled in 6,342 feet (1,933 meters) of water.
• The Yellowtail-2 well encountered 69 feet (21 meters) of net pay in a newly identified, high quality oil bearing reservoirs among the original Yellowtail-1 discovery intervals. This is ExxonMobil’s 17th oil discovery in the Stabroek Block.
• The Redtail discovery was announced in September 2020. Redtail is ExxonMobil’s 18th oil discovery in the Stabroek Block. The Redtail-1 well encountered approximately 232 feet (70 meters) of high-quality oil bearing sandstone and was drilled in 6,164 feet (1,878 meters) of water. 
• The gross recoverable resource for the Stabroek Block is now estimated to be more than eight billion oil equivalent barrels, including Liza and other successful exploration wells on Payara, Liza deep, Snoek, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia, Haimara, Yellowtail, Tripletail and Mako.
• The Uaru- 2 discovery was announced in April 2021. Drilling at Uaru-2 encountered approximately 120 feet (36.7 meters) of high quality oil bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well was drilled in 5,659 feet (1,725 meters) of water.
• The Longtail- 3 discovery was announced in June 2021. Drilling at Longtail-3 encountered 230 feet (70 meters) of net pay, including newly identified, high quality hydrocarbon bearing reservoirs below the original Longtail-1 discovery intervals. The well was drilled in more than 6,100 feet (1860 meters) of water.
• The Whiptail- 1 discovery was announced in July 2021. The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs and was drilled in in 5,889 feet (1,795 meters) of water.
• The Whiptail- 2 discovery was also announced in July 2021. The Whiptail-2 well encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Whiptail-2 was drilled in 6,217 feet (1,895 meters) of water.
• The Pinktail discovery was announced in September 2021. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 5,938 feet (1,810 meters) of water.
• The Turbot- 2 discovery was also announced in September 2021. The Turbot-2 well encountered 43 feet (13 meters) of net pay in a newly identified, high quality hydrocarbon bearing sandstone reservoir. Turbot-2 was drilled in 5,790 feet (1,765 meters) of water.
• The Cataback- 1 discovery was announced in October 2021. The Cataback-1 well encountered 243 feet (74 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 5,928 feet (1,807 meters) of water.
• The Lau Lau- 1 discovery was announced in January 2022. The Lau Lau-1 well encountered approximately 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs. The well was drilled in 4,793 feet (1,461 meters) of water and is located approximately 42 miles (68 kilometers) southeast of the Liza field.
• The Fangtooth- 1 discovery was also announced in January 2022. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water.
• The Barreleye- 1 discovery was announced in April 2022. The Barreleye- 1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water.
• The Patwa- 1 discovery was announced in April 2022. The Patwa-1 well encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was conducted in 6,315 feet (1,925 meters) of water.
• The Lukanani- 1 discovery was also announced in April 2022. The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled in a water depth of 4,068 feet (1,240 meters).
• The gross recoverable resource for the Stabroek Block is now estimated to be nearly 11 billion oil equivalent barrels, including Liza and other successful exploration wells on Payara, Liza deep, Snoek, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia, Haimara, Yellowtail, Tripletail and Lau Lau.
• The Seabob-1 discovery was announced in July 2022. The Seabob-1 well encountered approximately 131 feet (40 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 meters) of water. 
• The Kiru-Kiru-1 discovery was also announced in July 2022. The Kiru-Kiru-1 well encountered approximately 98 feet (30 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 5,760 feet (1,756 meters) of water. 
• The Sailfin-1 discovery was announced in October 2022. The Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was drilled in 4,616 feet (1,407 meters) of water. 
• The Yarrow-1 discovery was also announced in October 2022. The Yarrow-1 well encountered approximately 75 feet (23 meters) of hydrocarbon-bearing sandstone and was drilled in 3,560 feet (1,085 meters) of water.

In April 2023, ExxonMobil made a final investment decision for the Uaru development offshore Guyana after receiving required government and regulatory approvals. The company expects Uaru, the fifth project on Guyana’s offshore Stabroek block, to add approximately 250,000 barrels of daily capacity after a targeted startup in 2026.

Frontera Energy

Overview: Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in South America. The Company has a diversified portfolio of assets with interests in more than 30 exploration and production blocks in Colombia, Ecuador and Guyana.

In the 4th quarter of 2022, production averaged 41,806 boe/d as increased water-handling capacity contributed to higher oil production, up approximately 2% compared to 41,033 boe/d in the prior quarter and 38,605 boe/d in the fourth quarter of 2021. 

Guyana operations: Frontera and CGX, joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, commenced drilling operations on the Wei-1 well on January 20, 2023.

The Wei-1 well is targeting Maastrichtian, Campanian and Santonian aged stacked sands within channel and fan complexes in the northern section of the Corentyne block. The well is expected to take approximately 4-5 months from well spud to reach total depth.

In June 2023, Frontera Energy Corporation and joint venture partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana announced the discovery of oil at the Wei-1 well, approximately 200 kilometers offshore from Georgetown, Guyana. The well encountered 210 feet of hydrocarbon bearing sands in the Santonian horizon. 

Hess

Overview: New York based Hess Corporation was founded in 1920 and is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.

The company has an industry-leading position in a key U.S. shale play - the Bakken in North Dakota. Hess is also one of the largest producers in the deepwater Gulf of Mexico and a key natural gas producer and supplier to Peninsular Malaysia and Thailand. The company is engaged in exploration and appraisal activities offshore Guyana, participating in one of the industry’s largest oil discoveries in the past decade with the first phase of a planned multiphase development of the Liza Field in Guyana underway.

Guyana operations: In October 2022, Hess announced two new discoveries at the Yarrow-1 and Sailfin-1 wells on the Stabroek Block offshore Guyana. 

The Yarrow-1 well encountered approximately 75 feet (23 meters) of high quality oil bearing sandstone reservoirs. The well was drilled in 3,560 feet (1,085 meters) of water and is located approximately 9 miles (14 kilometers) southeast of the Barreleye-1 discovery.

The Sailfin-1 well encountered approximately 312 feet (95 meters) of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,616 feet (1,407 meters) of water and is located approximately 15 miles (24 kilometers) southeast of the Turbot-1 discovery.

The Stabroek Block, located approximately 120 miles offshore Guyana, is 6.6 million acres. Gross discovered recoverable resources for the Stabroek Block are currently estimated at more than 11 billion barrels of oil equivalent with multi-billion barrels of exploration potential remaining on the block. The Liza Phase 1 development delivered first production in December 2019, less than five years after discovery. Liza Phase 2, sanctioned in May 2019, achieved first oil in February 2022. A third phase of development, at the Payara Field was sanctioned in September 2020 and is targeted for startup early fourth quarter 2023. The fourth and largest oil development on the block at Yellowtail was sanctioned in April 2022 with first oil expected in 2025. Uaru, the fifth development on the block, was sanctioned in April 2023 with production targeted to begin in 2026.

In April 2018, Hess acquired an interest in the Kaieteur Block, located approximately 155 miles offshore and adjacent to the Stabroek Block. The Kaieteur Block covers 3.3 million acres which is equivalent in size to more than 580 deepwater blocks in the Gulf of Mexico.

JHI Associates

Overview: Based in Toronto, JHI Associates, Inc. (“JHI”) is an oil and gas exploration company focused on frontier exploration in the Guyana-Suriname Basin.

The company are focused on opportunities offshore Guyana anchored by the Canje block, their large exploration license adjacent to the prolific Stabroek Block.

Guyana operations: The Canje Block lies 180km offshore Guyana in deep to ultra-deep water. Canje’s environment of deposition is unique among offshore Guyana blocks in that it contains both continental slope and basin floor terrain.  The majority of the discoveries offshore Guyana to date have been made in the slope environment. Canje will be the first block offshore to test prospects on the basin floor - which have the potential to contain larger accumulations of recoverable hydrocarbons.

Canje’s source story is also unique in that it is blanketed by two world-class source rocks. Present across the Guyana-Suriname Basin is the Cenomanian/Turonian source, which is locally known as the “Canje source rock.” This source has been actively generating hydrocarbons for ~6 million years. The Canje Block is also covered by a much thicker and older Lower Albian source rock which was in place and generating hydrocarbons for over 40 million years.

The proximity to these world-class source rocks means that reservoirs on the Canje block are in direct contact with the source, and are charged through vertical migration.  Effectively, Canje’s reservoirs are filled first before hydrocarbons migrate up-dip to other blocks.

Canje block

• Area  ~4,800 sq km
• Water Depths  1700-3000m
• Location ~180-300km offshore Guyana

Canje partners

• ExxonMobil 35% (Operator)
• TotalEnergies 35%
• JHI Associates, Inc. 17.5%
• Mid-Atlantic Oil & Gas, Inc. 12.5%

QatarEnergy

Overview: QatarEnergy is a state-owned public corporation responsible for all phases of the oil and gas industry in the State of Qatar.

The principal activities of Qatar Energy, its subsidiaries and joint ventures are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, refined products, synthetic fuels, petrochemicals, fuel additives, fertilizers, liquefied natural gas (LNG), steel and aluminium.

The operations and activities of Qatar Energy and its affiliates are conducted at various onshore locations, including Doha, Dukhan and the Mesaieed and Ras Laffan Industrial Cities, as well as offshore areas, including Halul Island, offshore production stations, drilling platforms and the North Field.

Guyana operations: In March 2021, QatarEnergy formally joined Guyana's highly prospective offshore oil projects with the government's approval of its farm-in to two blocks.

Total and QatarEnergy have created a joint venture, Toqap, that now has a 25% working interest in the shallow-water Orinduik block in which Tullow Oil holds a 60% operating stake. The remaining 15% interest is held by Canadian junior Eco Atlantic.

Guyana has also approved Toqap's farm-in to Total's interest in the neighbouring shallow-water Kanuku block. This gives the joint venture a 25% stake in the block, with Spain's Repsol holding a 37.5% operating interest and Tullow also having 37.5%.

The 1,800km² Orinduik block is 120km offshore, with water depths ranging from 70m to 1,400m. Kanuka covers 5,200km² and lies 100km offshore, with water depths ranging from 70m to 800m.

Ratio Petroleum

Overview: Ratio identified the immense potential in Guyana, which led the company in as early as 2012 to apply for a license in the Kaieteur Block, which extends over an area of approx. 15,535 sq km. The license was awarded in 2015. In the years following, the Partnership added leading global companies to the license such as ExxonMobil, which is the operator of the Block, Hess, and Cataleya. The Partnership currently holds 25% of the interests in the Block.

Repsol

Overview: Formed in 1987 by the merger of state-controlled oil sector companies, Repsol is now 100 percent privatized and publicly traded on both the Madrid and New York stock exchanges. The company engages in the exploration, development, and production of crude oil and natural gas worldwide. It has development and production assets in more than 20 countries, including the United States, Brazil, Trinidad and Tobago, Venezuela, Peru, and Bolivia; and exploration assets in the United States, Brazil and Angola.

Guyana operations: Repsol have been present in Guyana since 1997 with a variety of upstream projects, where they are leaders in hydrocarbon exploration and exploitation through the Kanuku block, which is located in the Upper Takutu-Upper Essequibo region.

Repsol’s current activity in Guyana is focused on the Kanuku block, which is located in the Upper Takutu-Upper Essequibo region. Repsol operates the block with a 37.5% working interest. We are targeting an oil prospect in the Kanuku block, where we plan to drill the first exploration well in 2019 to determine if hydrocarbons are present. The internal and external impact studies will begin in 2018.

The Kanuku block is located in an area near existing oil and gas discoveries. However, there is a high level of uncertainty at this stage of the project and the company continues to invest in exploration activities to move toward de-risking the block.

TotalEnergies

Overview: TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Active in close to 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations.

In the oil business, the Company is pursuing a highly selective strategy, restricting its capital expenditure to projects that are less carbon-intensive and have a low breakeven point. That strategy allows to take full advantage of worldwide demand for oil, which continues to climb but is expected to start trending downward in the medium term as transportation goes electric; it can therefore ensure that its business operations remain profitable and resilient over the long term. 

Guyana operations: TotalEnergies (60%) holds jointly with QatarEnergy (40%) 25% interests in the Kanuku and Orinduik Blocks. An exploration well, Beebei, was drilled on the Kanuku Block in 2022. TotalEnergies also holds an interest in the Canje Block (35%).

Tullow Oil

Overview: Tullow Oil is an independent oil and gas exploration and production company with interests in over 30 exploration and production licences across eight countries.

In March 2021, Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030.

Guyana operations: Tullow has interests in two neighbouring licences offshore Guyana with a 60% operated interest in the Orinduik block and a 37.5% non-operated interest in the Kanuku block.

Tullow’s position in Guyana dates back to 2008, when the Group farmed into the then named Georgetown licence, operated by Repsol. In 2013, Repsol re-secured the newly defined Kanuku block, and Tullow secured a 30% interest. In early 2018, Tullow agreed to increase its equity share in the Kanuku licence from 30% to 37.5% in a farm-in deal with Repsol.

In early 2016, Tullow increased its Guyana position after being awarded a 60% operated interest in the Orinduik licence which is a 1,776 square kilometre offshore block.

Acquisition of new 3D seismic across Tullow’s Guyana licences in 2017 highlighted a number of potential prospects across both the Kanuku and Orinduik licences. In 2019, Tullow was ready to commence its exploration programme and started a three-well programme to test three different play types – the Lower Tertiary, the Upper Tertiary and the Cretaceous.

In August 2019, Tullow announced its first oil discovery in Guyana, with the Jethro-1 well on the Orinduik Block. The well encountered 55m of net oil pay in high quality oil bearing sandstone reservoir in the Lower Tertiary play. This discovery was followed in September by the Joe-1 discovery in the Upper Tertiary play. The quality of the oil is heavy, however, and has high sulphur content.

The Cretaceous Carapa prospect in the non-operated Kanaku licence was the final well in the 2019 progamme. In January 2020, Tullow announced that the well encountered approximately four metres of net oil pay, extending the Cretaceous oil play into the Group’s Guyana acreage.

Tullow is now working with its Joint Venture Partners on the overall prospect inventory and developing plans to unlock value from this acreage.

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