ExxonMobil has made its first discovery of 2024 in the prolific Stabroek block offshore Guyana.
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.
TechnipFMC has won a contract valued at up to USD 1 billion from ExxonMobil for works on the Whiptail project off Guyana.
READ MORESaipem has received authorisation to proceed on EPCI work for ExxonMobil's Whiptail development offshore Guyana.
READ MOREPetrobras has announced a new oil discovery in the ultra-deepwater Potiguar Basin offshore Brazil.
READ MOREPGS has won a "large" 3D seismic campaign in the South Atlantic Margin for a multi-client company.
READ MOREModec has selected TMC Compressors to supply a large-capacity marine compressed air system to its FPSO Errea Wittu.
READ MORECNOOC has filed for arbitration to assert its right to first refusal on Hess' stake in Guyana's Stabroek block, joining…
READ MORELincoln Ramjattan of Tucker Energy Services talks about how Trinidad and Tobago can maintain competitiveness with the region’s frontier energy markets.
READ MOREExxonMobil has filed for arbitration to protect its right of first refusal in Guyana’s Stabroek block.
READ MOREThe government of Guyana is considering changes to the country’s PSAs ahead of its second offshore bid round.
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