Back toour markets

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

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.

TEY_post_Enrique-ZEPEDA (1)
Interview
Mexico - September 27, 2022

Enrique Zepeda, CEO of Transportes Aéreos Pegaso, talks to The Energy Year about the recovery of Mexico’s offshore aviation…

READ MORE
TEY_post_Mario-GOMES
Interview
Angola - September 05, 2022

Mario Gomes, co-president of Grupo Simples, talks to The Energy Year about the relationship between IOCs and local service…

READ MORE
Interview
Angola - September 01, 2022

Melissa Bond, managing director of ExxonMobil Angola, talks to The Energy Year about how the company is expanding its production…

READ MORE
TechnipFMC bags offshore works in Guyana
NEWS
Guyana - August 02, 2022

TechnipFMC has signed an EPCI contract with super-major ExxonMobil to connect two FPSOs to onshore facilities in Guyana, the…

READ MORE

Guyana maps

Guyana Licenced Areas 2019

    ALL MAPS
    Frontera and CGX up reserves in Guyana
    NEWS
    Guyana - May 10, 2022

    Frontera Energy Corporation and CGX Energy have upped encountered reserves on the Kawa-1 exploration well on the Corentyne block…

    READ MORE
    ExxonMobil makes FID on Guyana’s Yellowtail
    NEWS
    Guyana - April 05, 2022

    ExxonMobil has made its FID on the offshore Yellowtail development in Guyana after receiving state approval, the American…

    READ MORE

     

    WHOSE PLATFORM IS THIS?
    ASK US

    • Do you have a question for The Energy Year about oil and gas?
    • If we know, we’ll tell you.
    • If not, we’ll ask the experts in the field.