Back toour markets

Guyana Overview

Guyana

in figures

Recoverable hydrocarbons resources:6 billion boe

Date of first oil:December 2019

Guyana: The Launch of a New Era

While still in its infancy, Guyana’s oil and gas industry is  already seeing impressive momentum. In 2008, ExxonMobil subsidiary Esso Exploration & Production started exploring the country’s offshore territory, and in May 2015, it became the first company to discover significant hydrocarbons reserves, through its Liza-1 well in the Stabroek block. Guyana now has estimated recoverable resources of at least 5 billion boe at Stabroek, from which production is expected to hit around 750,000 boepd by 2025. Esso has now made more than 15 discoveries in the block, and having achieved first oil at Liza in December 2019, is working to bring production to its phase-one target of 120,000 bopd.

The domestic offshore sector has gained much attention from international players since hydrocarbons were first discovered. Besides Stabroek, the country has seven active blocks in exploration and development phases: Kaieteur and Canje, also operated by Esso; Orinduik by Tullow Oil; Kanuku by Repsol; Corentyne and Demerara by CGX Energy; and Roraima by Anadarko.

New licensing is expected in Q3 2020 after a pause to allow authorities time to clearly define policy and implement mechanisms needed to properly govern the industry and ensure sustainable growth. International institutions including the World Bank and IMF have provided support to Guyana in its endeavours to establish strong regulatory frameworks. Additionally, the Ministry of the Presidency established the Department of Energy in August 2018, transferring to it care of the hydrocarbons portfolio from the Ministry of Natural Resources.

ExxonMobil signs with TechnipFMC in Guyana
NEWS
Guyana - November 15, 2021

TechnipFMC has won a contract from ExxonMobil to supply the subsea production system for the Yellowtail development in Guyana,…

READ MORE
Farid ANTAR Republic Bank Ghana
Interview
Ghana - October 04, 2021

Farid Antar, managing director of Republic Bank (Ghana), talks to The Energy Year about how the Ghanaian economy has gained…

READ MORE

Guyana reports

More reports
Iroghama OGBEIFUN Starzs Nigeria
Interview
Nigeria - September 14, 2021

Iroghama Ogbeifun, managing director and CEO of Starzs Investments Company, talks to The Energy Year about challenges facing…

READ MORE
CGX Energy spuds Guyana well
NEWS
Guyana - August 24, 2021

CGX Energy has begun drilling an offshore exploration well on the Corentyne block in Guyana, the Canadian exploration company…

READ MORE
Guyana Licenced Areas 2019

Guyana maps

Guyana Licenced Areas 2019

    ALL MAPS
    ExxonMobil forced to cut production on Guyana FPSO
    NEWS
    Guyana - April 14, 2021

    In spite of recent repair works on the Liza Destiny FPSO unit in Guyana, ExxonMobil has been forced to cut production due to…

    READ MORE
    Pierre BENICHOU
    Interview
    Morocco - November 03, 2020

    Pierre Benichou, executive chairman of Geoex MCG, talks to The Energy Year about hydrocarbons potential in Morocco and other…

    READ MORE
    Vernon Paltoo Trinidad Energy
    Interview
    Trinidad and Tobago - October 28, 2020

    Vernon Paltoo, president of National Energy Corporation (National Energy), talks to The Energy Year about how the company works to encourage investment and foster a…

    READ MORE
    NJ Ayuk
    Interview
    South Africa - August 11, 2020

    NJ Ayuk, president of the Africa Energy Chamber (AEC) and CEO of Centurion Law Group, talks to The Energy Year about how the Covid-19 pandemic has impacted African…

    READ MORE
    ExxonMobil Guyana block sees two finds
    NEWS
    Guyana - July 29, 2020

    While still in its infancy, Guyana’s oil and gas industry is  already seeing impressive momentum. In 2008, ExxonMobil subsidiary Esso Exploration & Production…

    READ MORE