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Released May 23, 2024 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Guyana increased its crude oil production by 98,000 barrels per day (BBL/d) between 2020 and 2023, making it the third-fastest growing non-OPEC producing country during that period, the U.S. Energy Information Administration (EIA) reported Tuesday.
As of early 2024, Guyana's oil output was about 645,000 BBL/d, all from the offshore Stabroek block, coming from the Liza Destiny, Liza Unity, and Prosperity floating production storage and offloading (FPSO) units. Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) operates in the Stabroek block in a consortium with Hess Corporation (NYSE:HES) (New York, New York) and China National Offshore Oil Corporation (CNOOC).
The Stabroek block has more than 11 billion oil-equivalent barrels in reserves, and with the development of the Yellowtail, Uaru and Whiptail projects, its production is expected to climb to 1.3 million BBL/d by 2027.
The ExxonMobil-led consortium has made more than 30 discoveries in the Stabroek block since 2015.
The prospects discovered offshore Guyana have pushed other international companies to search for similar resources in neighboring Suriname, where companies such as TotalEnergies SE (NYSE:TTE) (Courbevoie, France), APA Corporation (NASDAQ:APA) (Houston, Texas) and Petronas (Kuala Lumpur, Malaysia) have discovered hydrocarbons offshore in recent years.
The increase in oil production has driven Guyana to develop its industry further, with the country considering the construction of a downstream unit to process some of the crude it produces, as more companies are expressing interest in establishing a foothold in the nation.
Given these developments, in 2022, Guyana's gross domestic product (GDP) grew by 62.3%, the highest real GDP growth worldwide that year, according to the International Monetary Fund.
Despite its energy success, Guyana is not shielded from the possibility of conflict. A century-old land dispute with Venezuela has raised alarms. Venezuela claims the Essequibo territory, which encompasses about two-thirds of Guyana and the Stabroek block.
In recent months, tensions between the countries have increased. The International Court of Justice (ICJ) is handling the land dispute, and a resolution has yet to be announced.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
As of early 2024, Guyana's oil output was about 645,000 BBL/d, all from the offshore Stabroek block, coming from the Liza Destiny, Liza Unity, and Prosperity floating production storage and offloading (FPSO) units. Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) operates in the Stabroek block in a consortium with Hess Corporation (NYSE:HES) (New York, New York) and China National Offshore Oil Corporation (CNOOC).
The Stabroek block has more than 11 billion oil-equivalent barrels in reserves, and with the development of the Yellowtail, Uaru and Whiptail projects, its production is expected to climb to 1.3 million BBL/d by 2027.
The ExxonMobil-led consortium has made more than 30 discoveries in the Stabroek block since 2015.
The prospects discovered offshore Guyana have pushed other international companies to search for similar resources in neighboring Suriname, where companies such as TotalEnergies SE (NYSE:TTE) (Courbevoie, France), APA Corporation (NASDAQ:APA) (Houston, Texas) and Petronas (Kuala Lumpur, Malaysia) have discovered hydrocarbons offshore in recent years.
The increase in oil production has driven Guyana to develop its industry further, with the country considering the construction of a downstream unit to process some of the crude it produces, as more companies are expressing interest in establishing a foothold in the nation.
Given these developments, in 2022, Guyana's gross domestic product (GDP) grew by 62.3%, the highest real GDP growth worldwide that year, according to the International Monetary Fund.
Despite its energy success, Guyana is not shielded from the possibility of conflict. A century-old land dispute with Venezuela has raised alarms. Venezuela claims the Essequibo territory, which encompasses about two-thirds of Guyana and the Stabroek block.
In recent months, tensions between the countries have increased. The International Court of Justice (ICJ) is handling the land dispute, and a resolution has yet to be announced.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
