Guyana’s oil success is filling Middle East void

Guyana, once among South America’s most impoverished nations, is continuing to benefit from an epic oil success and has become a major distributor amidst the global oil crisis.

In only a decade, the country of only 950,000 went from first discovery to now lifting over 900,000 barrels per day, generating billions of dollars of revenue annually.

There are even signs of significant production growth ahead. This is occurring at a crucial time for a world experiencing an energy crisis after oil spiked to well-over $110 per barrel after Iran closed the Strait of Hormuz in retaliation for US and Israeli airstrikes.

Guyana’s oil boom is significantly reducing the Americas’ traditional dependence on Middle East petroleum. Guyana oil production now places the former British colony as South America’s second largest oil producer behind Brazil and ahead of Venezuela.

An ExxonMobil led consortium has made over 30 major discoveries in the prolific offshore 6.6-million-acre Stabroek Block. To date Exxon’s discoveries are estimated to hold at least 11 billion barrels of crude oil.