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Guyana Overview

Guyana

in figures

Recoverable hydrocarbons resources:6 billion boe

Date of first oil:December 2019

Guyana: The Launch of a New Era

While still in its infancy, Guyana’s oil and gas industry is  already seeing impressive momentum. In 2008, ExxonMobil subsidiary Esso Exploration & Production started exploring the country’s offshore territory, and in May 2015, it became the first company to discover significant hydrocarbons reserves, through its Liza-1 well in the Stabroek block. Guyana now has estimated recoverable resources of at least 5 billion boe at Stabroek, from which production is expected to hit around 750,000 boepd by 2025. Esso has now made more than 15 discoveries in the block, and having achieved first oil at Liza in December 2019, is working to bring production to its phase-one target of 120,000 bopd.

The domestic offshore sector has gained much attention from international players since hydrocarbons were first discovered. Besides Stabroek, the country has seven active blocks in exploration and development phases: Kaieteur and Canje, also operated by Esso; Orinduik by Tullow Oil; Kanuku by Repsol; Corentyne and Demerara by CGX Energy; and Roraima by Anadarko.

New licensing is expected in Q3 2020 after a pause to allow authorities time to clearly define policy and implement mechanisms needed to properly govern the industry and ensure sustainable growth. International institutions including the World Bank and IMF have provided support to Guyana in its endeavours to establish strong regulatory frameworks. Additionally, the Ministry of the Presidency established the Department of Energy in August 2018, transferring to it care of the hydrocarbons portfolio from the Ministry of Natural Resources.

The Oil & Gas Year Guyana 2019 spotlights recent hydrocarbons discoveries, increasing interest from international investors and preparations the government is making to ensure proper oversight and sustainable development of the local oil and gas industry, as well as opportunities for local and regional businesses. The Energy Year Guyana 2020 is currently under production.

ExxonMobil forced to cut production on Guyana FPSO
NEWS
Guyana - April 14, 2021

In spite of recent repair works on the Liza Destiny FPSO unit in Guyana, ExxonMobil has been forced to cut production due to…

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ExxonMobil approves $9-bln Guyana project
NEWS
Guyana - October 01, 2020

ExxonMobil has taken a USD 9-billion FID on Guyana’s Payara offshore oilfield development, the company announced late on…

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ExxonMobil Guyana block sees two finds
NEWS
Guyana - July 29, 2020

The ExxonMobil-operated Stabroek block in Guyana has seen two recent finds, US independent Hess reported on Wednesday.

Hess,…

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Ian Cloke Tullow
Interview
Guyana - June 23, 2020

Ian Cloke, executive vice-president of Tullow Oil, talks to The Energy Year about the company’s African asset sales, how…

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Guyana maps

Guyana Licence Areas 2018

    ALL MAPS
    New find adds to ExxonMobil’s Guyana spree
    NEWS
    Guyana - January 31, 2020

    ExxonMobil has made a fresh discovery at its Stabroek block offshore Guyana, bringing the super-major’s total finds in the…

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    ExxonMobil makes 13th find offshore Guyana
    NEWS
    Guyana - April 19, 2019

    An ExxonMobil-led consortium has discovered oil through the Yellowtail-1 well in Guyana’s offshore Stabroek block, the…

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    Guyana to hold exploration round in 2020
    NEWS
    Guyana - February 12, 2019

    Guyana is planning to hold a competitive auction for exploration licences in Q1 2020, Department of Energy Director Mark Bynoe announced at a press conference on…

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    NEWS
    Guyana - December 06, 2018

    Frontera Energy has agreed to buy 33.33% interests in the Corentyne and Demerara blocks offshore Guyana for USD 33.3 million, international media…

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    NEWS
    Guyana - December 03, 2018

    ExxonMobil has struck hydrocarbons in the Pluma-1 well in the Stabroek block offshore Guyana, the super-major announced on Monday. The discovery,…

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    NEWS
    Guyana - November 29, 2018

    Total’s purchase of a 25% stake of the Orinduik block offshore Guyana for USD 12.5 million has closed, seller Eco Atlantic Oil & Gas announced on…

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    NEWS
    Guyana - November 16, 2018

    Tullow Oil is planning a major campaign offshore Guyana next year, the company announced on Thursday. “Guyana will be the main focus for…

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    NEWS
    Guyana - October 31, 2018

    Guyana’s president, David Granger, has approved the sale of a 25% stake in the offshore Orinduik block to Total, seller Eco Atlantic Oil & Gas…

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