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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 ...
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 ...
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]
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 U.N. Security Council scheduled an emergency closed meeting Friday at the request of Guyana following Venezuela’s weekend referendum claiming the vast oil- and mineral-rich Essequibo region ...
In 2013 the Venezuelan navy seized an oil exploration vessel operating in disputed waters claimed as Exclusive Economic Zones by both Venezuela and Guyana. [7] In taking the case to the ICJ, Guyana looks to authorize the division of the area with Venezuela. The zone at issue is west of Guyana's Essequibo River.
An arbitration panel that will decide a high-profile clash between Exxon Mobil and Chevron will delve into the secret value of Hess' oil riches in Guyana, four people familiar with the matter said.