The tiny South American countries of Guyana and Suriname are the focus of Latin America’s latest oil boom. A slew of oil discoveries by ExxonMobil since 2015 in its offshore Guyana Stabroek block which now sees the global energy supermajor estimating that the block contains over eight billion barrels of recoverable oil resources has captured the international oil industry’s attention. This is not only because of the sheer volume of discoveries, but also due to the extremely low breakeven prices, estimated to be $35 per barrel and falling, associated with drilling in offshore Guyana. By some estimates, breakeven prices in the Stabroek block have already fallen below $35 per barrel. The Liza phase two development, which comes online next year lifting production capacity of the Liza oilfield to 340,000 barrels daily, is expected to pump crude oil at a breakeven price of an extremely low $25 a barrel. The […]