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 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
20 January 2025
Country offers to boost gas exports to Europe to 10bcm/yr, but serious questions remain
20 January 2025
The country’s oil and gas giant, KazMunayGas, is pushing ahead with a series of significant international partnerships
