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Petroleum industry in Guyana. Petroleum industry in Guyana is rapidly evolving. Guyana has emerged as one of the newest petroleum producing regions in the world, achieving its first commercial grade crude oil draw in December 2019. Crude oil is sent abroad for refining. [1][2]
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 ...
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 Guyana–Venezuela territorial dispute is an ongoing territorial dispute between Guyana and Venezuela over the Essequibo region, also known as Esequibo or Guayana Esequiba in Spanish (Spanish pronunciation: [ɡwaˈʝana eseˈkiβa] ⓘ), [ 1 ] a 159,500 km 2 (61,600 sq mi) area west of the Essequibo River.
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 ...
Exxon Mobil Corp said on Tuesday it started development drilling in three offshore Guyana projects, which could produce more than 500,000 barrels of oil per day. The company said it expects to ...
2023 Guyana–Venezuela crisis. Venezuelan referendum. v. t. e. The long-standing territorial dispute over the Essequibo region escalated into a crisis in 2023. The region is controlled by Guyana but is claimed by Venezuela. The dispute dates back many years and the current border was established by the Paris Arbitral Award in 1899.
Guyana's government next month plans to begin a search for an oil company or trading firm to market its share of the South American country's crude, the director of the Department of Energy, Mark ...