The United States Geological Survey ranks the Guyana-Suriname basin as the world’s second-most prospective and under-explored offshore basins. It is currently estimated that 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas have yet to be discovered.
Since 2008, ExxonMobil has been working in the Stabroek Block of the Guyana-Suriname Basin and has made seven significant discoveries in the licence area, totalling an estimate of over four billion barrels of recoverable oil. This makes the oil major’s find only one of a handful of billion-barrel discoveries in the last half-decade. Production from ExxonMobil’s flagship Liza field is expected to produce first oil in 2020.
Eco (Atlantic) Oil & Gas holds a 15% working interest in the Orinduik Block and is just 11km from and updip to ExxonMobil’s Liza Discoveries.