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Guyana already has seen its economy soar thanks to a massive oil discovery in 2015 that so far has led to the production of nearly 400,000 barrels of oil a day.
The oil and gas exploration activity by Guyana created a new source of tension with neighboring Venezuela. The 2015 discovery set off a round of recriminations between Venezuela and its eastern border neighbor. Officials in Caracas, which has long had claims on Guyana's Essequibo region, have alleged that the concession is located in disputed ...
Between 2015 and 2021, the Center for Strategic and International Studies wrote that about 8 billion barrels of oil reserves were discovered in Guyana, [17] with Guyana becoming among the top twenty countries by proven oil reserves. By 2023, BBC News reported that Guyana had discovered 11 billion barrels worth of oil reserves. [33]
The consortium, which includes Exxon with a 45% stake and CNOOC with 25%, operates all of Guyana's output and earned $6.33 billion in profits last year by pumping 137 million barrels of oil.
Oil discoveries at a deeper layer offshore Guyana could add billions of barrels to the block's recoverable resources, benefiting firms like Hess (HES), ExxonMobil (XOM) and TechnipFMC (FTI).
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 expansion of this sector has significantly contributed to the national economy, with the petroleum industry driving a 62.3 percent GDP growth in 2022, the highest ...
The border dispute, which had remained in the back burner for decades in Venezuela, heated up in recent years, after the recent discovery of as much as 20 billion barrels of oil reserves in the ...
Venezuelans voted by a wide margin Sunday to approve the takeover of an oil-rich region in neighboring Guyana – the latest escalation in a long-running territorial dispute between the two ...