ExxonMobil’s recent discovery offshore Guyana may hold in excess of 700 million barrels of oil equivalent, according to the South American country’s minister of…
READ MOREGuyana's Energy Industry
in figures
Hydrocarbons reserves:10 billion boe
Date of first oil:December 2019
Guyana: The Launch of a New Era
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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An oil discovery made by ExxonMobil offshore Guyana is ‘significant,’ the company announced on Thursday.
The well, drilled at the Stabroek block by ExxonMobil…
READ MOREExxonMobil has found oil offshore Guyana, the Reuters news agency reported on Thursday.
The discovery was made in the Stabroek block, which is situated in a region…
READ MOREExxonMobil is set to launch exploratory drilling off the Guyanese coast today, Reuters has reported.
Minister of Natural Resources and the Environment Robert Persaud…
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