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Guyana’s oil wealth starts flowing

Regional 22 Apr, 2021 Follow News

Guyana’s oil wealth will be huge soon

Guyana estimates its future oil production will be 1 million barrels per day by 2027, from seven floating production, storage, and offloading vessels in the country, according to natural resources minister Vickram Bharrat.

If the oil income is handled well, Guyana will soon have one of the richest populations in the world.

Guyana is already producing 130,000 barrels per day from ExxonMobil’s Liza-1 well, which just reached full planned production capacity in March. Exxon expects that well to be producing as much as 750,000 bpd by 2026.

Guyana is the world’s newest oil hotspot, with as many as 10 appraisal and exploration wells to be drilled there this year. Exxon and its partners in Guyana’s prolific Stabroek Block have made more than a dozen quality discoveries since 2019. That block is thought to contain more than eight billion barrels of recoverable oil resources.

Liza-2 is expected to start soon and within a year will produce an estimated rate of 220,000 barrels per day.

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