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Guyana's Energy Industry

Guyana

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.

Trinidad’s shifting demand for oilfield equipment TEY_post_Marc-SITARAM
Interview
Trinidad and Tobago - May 20, 2024

Marc Sitaram of Bandera Oil Tools talks about the company’s strategic approach to oilfield equipment supply in Trinidad and…

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Seatrium wins yet more FPSO work in Guyana
NEWS
Guyana - May 16, 2024

Seatrium has been awarded a contract for yet another FPSO vessel destined for Guyana’s Stabroek block.

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Seatrium wins MODEC contract for Guyana-bound FPSO
NEWS
Guyana - May 06, 2024

Seatrium has secured topside integration work for the Guyana-bound FPSO Errea Wittu.

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A strategic approach to service optimisation TOSL _Russell-BOODOO
Interview
Trinidad and Tobago - May 03, 2024

Russell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.

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Guyana maps

Guyana Licenced Areas 2019

    ALL MAPS
    Trinidad and Tobago’s downstream potential
    Articles
    Trinidad and Tobago - April 23, 2024

    As an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.

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    TechnipFMC wins major subsea contract for Guyana’s Whiptail
    NEWS
    Guyana - April 15, 2024

    TechnipFMC has won a contract valued at up to USD 1 billion from ExxonMobil for works on the Whiptail project off Guyana.

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