oil major Exxon Mobil, along with partners Hess Corp and China’s CNOOC, has found more than 11 billion barrels of oil and gas in a vast block covering 6.6 million acres about 120 miles (190 km) off the coast.īased on current expansion plans, the group expects to pump 1.2 million barrels of oil per day from its holdings in 2027, putting Guyana ahead of neighboring Venezuela in terms of output, as well as every oil producer in Africa, bar Nigeria.
Since its first discovery back in 2015, a consortium led by U.S. “We will probably get less, but we might be able to get faster development.” “We want to accelerate exploration so we can develop the economy as fast as possible,” said Jagdeo, who has previously served as president and is arguably the country’s most influential politician.
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In a series of conversations with Reuters, Jagdeo also said the recent move to ditch the idea of Guyana doing its own surveys of unexplored blocks to attract higher bids from oil companies was driven by time and capacity too. “A model in which the government puts in money and operates the asset is off the table.” “We don’t have the money or the capability,” said Vice-President Bharrat Jagdeo, speaking for the first time about the decision to drop the state oil firm plans. With sky-high oil prices, a transition to renewable energy on the horizon and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit it vast oil reserves, even if that means sacrificing some longer-term gains.Īlready locked into contracts with oil firms that have been criticized for being too one-sided, Guyana had hopes of setting up a state-run oil company to manage the next development phase and conduct its own seismic surveys of unexplored fields – all with the aim of securing the best possible return.īut those plans have been shelved as the government faces up to the reality that Guyana doesn’t have the skills or resources to pull them off quickly, and is banking on speed over certainty instead, senior officials told Reuters. GEORGETOWN (Reuters) – For the poor, small South American country of Guyana, there’s no time like the present when it comes to reaping the rewards of its offshore oil jackpot.
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