Canje Block result no damper on Guyana’s broader oil outlook – Rystad Energy view

Some of the earliest reports on Guyana’s oil and gas exploration and recovery activities this year focused on Westmount Energy, an investor in the Canje Block. These reports revealed that disappointment had emerged in the Block as the first well completed, Bulletwood-1, when encountering quality reservoirs, failed to produce commercial volumes. Bulletwood-1 was said to be targeting more than 500 million barrels of oil in what was predicted to be a similar prospect to Liza 1 in the Stabroek Block.

The reported disappointment over the Canje Block probe result seems to have done little to change the broader upbeat perspective of Rystad Energy in Norway, one of the globally respected energy analysts.

Instead, the company continues to spy a great assessment of Guyana’s longer-term oil prospects. Indeed, he says in a recent pronunciation he expects Guyana’s offshore exploration activity to quickly rebound from the disappointment of the Canje Block.

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