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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 ...
U.S. oil major Exxon Mobil and partners are continuing to negotiate with Guyana's government on the terms for developing a shallow-water oil block, an Exxon spokesperson said on Monday. Exxon ...
Guyana has opened bids for 14 offshore oil blocks available for exploration and development as the South American country seeks to ramp up oil production. Six companies and groups submitted bids ...
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.
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 ...
In 2015, Venezuela accused ExxonMobil of breaching international law while drilling for oil in Guyana, and a minor crisis broke out wherein Guyanese authorities seized a Venezuelan vessel, the Yakuana, in Guyanas's territorial waters, with both parts demanding an explanation for the other; they later agreed to meet to try to improve ...
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 ...
The discovery of major crude oil reserves off the Atlantic coast has since made a large impact on Guyana's GDP since drilling began in 2019. GDP grew sharply (43%) through the COVID-19 pandemic year of 2020, and is anticipated to continue at a high level in 2021 (estimated at 20%).