Some of the earliest reports on Guyana’s oil & gas discovery and recovery pursuits this year focussed on Westmount Energy, an investor in the Canje Block. These reports revealed that a disappointment had materialised in the Block as the first completed well, Bulletwood-1, while encountering quality reservoirs, failed to yield commercial quantities. Bulletwood-1 was reportedly targeting more than 500 million barrels of oil in what was envisaged as a prospect similar to Liza 1 in the Stabroek Block.
The reported disappointment over the outcome of the Canje Block probe however, appears to have done little to alter the broader upbeat perspective of Norway’s Rystad Energy, one of the more respected energy analysts globally.
Rather, the company continues to spew an upbeat assessment of Guyana’s longer term oil prospects. Indeed, it says in a recent pronouncement that it expects exploration activity offshore Guyana to rebound quickly from the Canje Block disappointment.