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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 ...
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]
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 ...
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 ...
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 ...
December 20 – Production of crude oil starts from the Liza oil field in the Stabroek Block offshore Guyana. [1] Scheduled – The 2019 Guyanese general election was postponed and held on 2 March 2020.
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.