ExxonMobil has begun production at the Payura play in Guyana ahead of schedule, the US energy giant announced on Tuesday.
The Prosperity FPSO is expected to reach…
READ MOREHydrocarbons reserves:10 billion boe
Date of first oil:December 2019
Guyana’s oil and gas industry represents a massive opportunity for the nation to kickstart its economy and diversify its energy mix as the world transitions away from fossil fuels. While the country’s oil and gas potential was traditionally minimal, discoveries following ExxonMobil’s substantial find in the offshore Stabroek block in 2015 have put the country on the investment map. Since then, the country has pursued exploration activities and considerably raised its proven reserves, further underlining the country’s nascent potential.
To meet rising production and protect the South American country’s interests in its resources, the Ministry of the Presidency established the Department of Energy in August 2018 to oversee handing PSCs and enforce regulations in the development of the hydrocarbons industry. The World Bank and International Monetary Fund have provided strong support for Guyana to establish clear policies and mechanisms to transfer knowhow to local entities and ensure sustainable growth.
The country plans to use funds gained through oil and gas sales to update its power generation sector and move away from reliance on bunker fuel and diesel, build associated infrastructure such as pipelines and refineries and foster a sustainable forestry sector based on the country’s heavily forested ecosystem. However, to diversify its economy, the country must first set down a feasible roadmap and policy framework to ensure its rich resources directly benefit the country and lead to maintainable development of industry.
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READ MOREExxonMobil has begun production at the Payura play in Guyana ahead of schedule, the US energy giant announced on Tuesday.
The Prosperity FPSO is expected to reach…
READ MORECGX Energy and partner Frontera Energy have made an additional find on the Corentyne block offshore Guyana, the Canadian E&P company announced on Thursday.
The…
READ MOREExxonMobil and its partners have made another discovery on the Stabroek block in Guyana, Reuters reported on Thursday.
According to the country’s energy ministry,…
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