Latest update December 10th, 2024 1:00 AM
Latest News
- ‘Get better fiscal terms before approving Exxon’s 7th project’
- Guyanese in the dark on US billions being recovered by ExxonMobil- AFC
- With Syria’s Assad gone, his PM agrees to hand power to rebel administration
- $164M Contract signed for new Mahaicony fire station
- Immigration officer was not transferred
Guyana is now 3rd largest non-OPEC oil supplier globally
…surpasses Norway, China, Mexico, Canada, Argentina and Qatar
Kaieteur News – With production now at some 645,000 barrels per day (bpd) up from 98,000 bpd from its first full year of production, Guyana is now ranked as the third highest global supplier of crude outside of the established Oil Producing and Exporting Countries (OPEC).
This is according to a recently published report by the US’ Energy Information Administration which said that “Guyana increased crude oil production by an annual average of 98,000 b/d from 2020 to 2023, making it the third-fastest growing non-OPEC producing country during this period.”
The United States of America and Brazil take the top spots respectively, while Guyana’s present production surpasses that of Norway, China, Mexico, Canada, Argentina and Qatar, among others. Crude oil production has been the largest contributor to Guyana’s economic growth in recent years. In 2022, Guyana’s GDP grew by 62.3 percent, the highest real GDP growth in the world that year, according to the International Monetary Fund (IMF). The most recent estimate of recoverable oil and natural gas resources is more than 11 billion oil-equivalent barrels, and developers are still exploring the country’s offshore waters, the report re-iterated.
The first significant oil discovery in offshore Guyana was made by ExxonMobil in 2015 at what is now the Liza project in the Stabroek block. Since then, ExxonMobil and its partners, Hess and the China National Offshore Oil Corporation (CNOOC), have made more than 30 additional offshore oil and natural gas discoveries within the Stabroek block.
Guyana’s oil production comes from three floating production, storage, and offloading (FPSO) vessels: Liza Destiny, Liza Unity, and Prosperity. These vessels produce oil and natural gas from the Liza and Payara projects. All associated natural gas is reinjected into wells to support its production and used as on-site fuel. A proposed project would bring associated natural gas onshore to processing facilities via pipeline.
Currently, the block’s partners plan for the combined production capacity to reach approximately 1.3 million b/d by the end of 2027, with plans to develop three additional projects: Yellowtail, Uaru, and Whiptail. Once realized, the increased production would make Guyana the second-largest crude oil producer in Central America and South America behind Brazil, according to EIA. Additionally, it was noted that the future of the corporate partnership at the Stabroek block is uncertain, since Chevron’s acquisition of Hess, which holds a 30 percent stake in the Stabroek block, may face delays due to arbitration filings by existing block partners ExxonMobil and CNOOC, which claim preemption rights over Hess’s stake in the block. ExxonMobil holds a 45 percent interest in the Stabroek block, and CNOOC holds a 25 percent stake.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Jagdeo’s never-ending quest for the next big flop
Peeping Tom… Kaieteur News- It must be exhausting to live inside Bharrat Jagdeo’s head. The man wakes up every morning... more
High-Stakes Bid for OAS Secretary General post
By Sir Ronald Sanders Kaieteur News- The election of a new Secretary General of the Organization of American States (OAS),... more
Weekend Cartoon
