Guyana is on track to produce more than 1 million bpd of crude by 2027. The size of the Guyana-Suriname basin may be bigger than anticipated. Besides deepwater oil, Suriname is believed to have considerable resources in shallow waters too. President Joe Biden’s decision to ban Russian energy imports to the U.S. is boosting the outlook for South America’s newest oil-producing nation Guyana as well as neighboring Suriname. The deeply impoverished microstates share the offshore Guyana-Suriname Basin where global energy supermajor ExxonMobil with its partners has made a slew of quality petroleum discoveries in offshore Guyana’s Stabroek Block. In 2000 the U.S. Geological Survey estimated that the offshore basin, which is one of South America’s largest, holds mean undiscovered crude oil resources totaling 15 billion barrels. There is growing evidence that the USGS may have grossly underestimated the basin’s hydrocarbon potential. This resulted in the U.S. government agency announcing […]