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Guyana excited by oil find

Global News Briefs 13 Sep, 2019 Follow News

Guyana excited by oil find

Guyana is anticipating the announcement of another major oil find within a few days which will significantly boost the country’s economy. Guyana’s chief investment official made the announcement at the SPE Offshore Europe conference in Aberdeen, Scotland.


"There have been some big discoveries and, by Friday we will be announcing another one", said Owen Verway, CEO of the Guyana Office for Investment, adding that he could not give more details. "We are one of the hottest destinations for the oil and gas industry right now and that is set to continue."


The frontier province has been among the most successful upstream hotspots for the industry. Since 2015, ExxonMobil and its partners have made 13 discoveries offshore Guyana totalling around 5.5 billion barrels.


The oil finds are expected to boost Guyana’s economy amid ongoing political uncertainty. In December, the David Granger administration suffered a vote of no-confidence but a promised election in a population of 770,000 has been repeatedly delayed by appeals and voter registration issues.


"GDP is going to double in a matter of 17 months," said Mr Verway. "I do not believe another country in the world has experienced that speed of growth in the last century." In 2018, Guyana’s GDP grew by 3.4pc to $3.6bn, according to the World Bank.

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