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Early estimates claimed the area contained 700 million barrels of oil (a total value of US$40 billion, international crude price at the time of discovery). As of March 2024, more than 30 discoveries of oil and gas have been made offshore Guyana. [13] As of May 2024, ExxonMobil estimated its discoveries totaled 11 billion barrels of oil ...
A 2018 estimate predicts Guyana's oilfields are holding over 3.2 billion barrels. [12] Off-shore crude oil extraction began in 2019. 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 ...
This "new oil wealth" has also led to maritime border disputes with neighboring nations, regards to resources in Guyana's exclusive economic zone. [149] ExxonMobil later stated that they were "firmly established" in the country, as the country's largest oil producer, with an office in Georgetwn, and numerous ongoing offshore "exploration and ...
Energy explorer Hess (HES) confirmed its 18th oil discovery off the coast of Guyana, while Norway's Equinor (EQNR) agreed to sell a 50% stake in two wind projects to BP plc (BP) for $1.1 billion.
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 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 discovery of over 11 billion barrels of oil reserves off the coast of Guyana since 2017 is the largest addition to global oil reserves since the 1970s. [17] Guyana is now ranked as having the fourth-highest GDP per capita in the Americas after the United States, Canada, and The Bahamas, and has been one of 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 ...