Guyana'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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TechnipFMC wins major subsea contract for Guyana’s Whiptail

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.

- The Oil & Gas Year Guyana 2020
- The Oil & Gas Year Guyana 2019

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Saipem moves ahead on ExxonMobil Guyana contract

Guyana - April 15, 2024

Saipem has received authorisation to proceed on EPCI work for ExxonMobil's Whiptail development offshore Guyana.

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Petrobras announces new Potiguar Basin oil discovery

Brazil - April 10, 2024

Petrobras has announced a new oil discovery in the ultra-deepwater Potiguar Basin offshore Brazil.

Guyana maps

Guyana Licenced Areas 2019

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NEWS

PGS wins “large” 3D-seismic campaign in Atlantic

Multinational - April 08, 2024

PGS has won a "large" 3D seismic campaign in the South Atlantic Margin for a multi-client company.

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Modec selects TMC Compressors for Guyana FPSO

Guyana - April 03, 2024

Modec has selected TMC Compressors to supply a large-capacity marine compressed air system to its FPSO Errea Wittu.

Guyana's Energy Industry

in figures

Guyana: The Launch of a New Era

Guyana reports

Guyana maps

Guyana Licenced Areas 2019

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