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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.
Guyana’s parliament on Thursday passed long-awaited oil legislation that grants the natural resources minister extensive power over its multi-billion-dollar oil industry. The new rules will be ...
American multinational ExxonMobil and its commercial partners have discovered 46 oil fields in Guyana since 2015. In 2023 alone, four oil fields were found off the coast of Guyana, of which the latest one was announced in October 2023 and whose location was in the disputed Essequibo region, which makes up more than two thirds of Guyana's ...
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 ...
By 2024, oil production in Guyana had soared to approximately 645,000 barrels per day (bpd), marking a significant increase from 98,000 bpd in its initial full year of production. 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 ...