Since the discovery of 11 billion barrels of oil reserves in 2015, Guyana has emerged as an oil powerhouse, attracting significant international investment, increasing production, and influencing global oil markets.
Guyana is estimated to produce around 1.2 million barrels of crude oil a day by 2028, making it a significant player in the global oil supply.
Guyana has become an attractive alternative for European refiners due to sanctions on Russian oil, capturing a larger share of the European market.Since the discovery of 11 billion barrels of proven oil reserves offshore in 2015, Guyana’s oil industry has gone from strength to strength. The tiny Caribbean country has attracted billions in international investment in its energy sector, with billions more expected to follow thanks to several successes.
So far, ExxonMobil Corp. has been the biggest investor in Guyana’s oil industry, dominating the exploration and drilling activities. In July, Guyana’s Environmental Protection Agency approved an Exxon Mobil-led consortium to drill 35 new offshore exploration and appraisal wells. The consortium consists of Exxon, US oil company Hess, and China’s China National Offshore Oil Corporation. This allowed the consortium to drill wells within its 6.6-million-acre Stabroek offshore block.
in the South American country, with the hope of starting production operations at the Whiptail project in 2027. To date, the consortium’s production activities have provided $2.8 billion in direct revenue to Guyana, as well as supported the creation of 4,400 jobs. The sixth project is much like the group’s $12.7-billion fifth project, Uaru, and is expected to provide an output of between 250,000 and 263,000 bpd.
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