Venezuelan President Nicolas Maduro addresses supporters during the referendum campaign
Venezuela casts shadow over Guyana’s bright oil future
But 1m b/d production could be just a few years away if geopolitical risks subside
The future appears bright for Guyana’s rapidly expanding offshore oil industry. Since the first announced commercial oil strike in the Liza field in May 2015, the ExxonMobil-led consortium targeting the massive 6.6m-acre Stabroek block has made more than 34 additional discoveries, amounting to 11b bl of recoverable oil and counting. In addition, Guyana closed its first competitive auction for 14 offshore blocks in September, with bids on eight of them. Oslo-based consultancy Rystad Energy is predicting Guyana will become the world’s fourth-largest offshore oil producer by 2035, while Edinburgh-based consultancy Wood Mackenzie is predicting the country to break the 1m b/d milestone in 2027 an
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
