London — Guyana is seen as the hottest spot for oil explorers, raising the question as to whether this optimism is based in reality.
Some see Guyana joining the top 10 biggest producers in the world next decade while others are more circumspect given the challenges around lack of infrastructure and the risks of extrapolating success from a number of big wins.
Indeed, Eco’s CEO Gil Holzman could not contain his enthusiasm in an interview with S&P Global Platts. “Guyana is the jewel in the crown, the mother of dragons. That is the hottest exploration area in the world. It’s no longer frontier, it’s a sub-mature basin,” he said earlier this month.
“This is phenomenal, over 4 billion barrels of pure, sweet, high grade API oil, which the refining itself is much easier than say neighboring Venezuela [which produces heavier sourer crude], in a place that is easy to operate. It’s a paradise for exploring in that sense.”