Guyana’s Emerging Oil And Gas Industry!
Major offshore oil discoveries were made in the 2015-2018 period, with Exxon Mobil and other companies making significant finds in the Stabroek Block off Guyana’s coast.
Guyana is estimated to have over 11 billion barrels of recoverable oil reserves, making it one of the largest new oil discoveries in the world in recent decades.
Oil production in Guyana began in 2019 and has been rapidly ramping up since then. By 2002, Guyana was producing over 340,000 barrels of oil per day.
Oil and gas exports have become a major driver of Guyana’s economic growth, with the energy sector now accounting for a significant portion of the economy’s GOP.
The development of Guyana’s offshore oil reserves is seen as a major economic opportunity for the country, with the potential to transform it’s economy and public finances.
However, there are also concerns about managing the oil wealth effectively and ensuring the benefits are distributed equitably across Guyanese society.
Derryck S Griffith.
derrycksgriffith 