The Cooperative Republic of Guyana opened a bidding round for 14 oil and gas blocks in its oil-rich offshore, hoping to award exploration contracts by the end of May. Guyana has become home to one of the largest oil discoveries in the last decade, with about 11 billion barrels of oil and gas found by a consortium led by Exxon Mobil.
Guyana goes to the polls this Monday in a pivotal election in one of South America's poorest nations, where a coming oil boom is set to reshape an ethnically-divided political landscape.
A vessel carrying Guyana’s first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation’s long-awaited debut as an oil exporter.
The find was made at the Yellowtail-1 Well and represents the third discovery for this year and the fifth in the Turbot area, where ExxonMobil is evaluating its potential as an additional development hub.
Discovered resources globally of conventional oil and natural gas surpassed 4.5 billion barrels of oil equivalent in the first half of 2018, making for an exciting recovery with Guyana leading the way, according to analysis by Rystad Energy. Average monthly discovered volumes are 826 million barrels of oil equivalent. This is a 30% increase from 2017.
The Norwegian oil and gas research firm Rystad Energy is predicting that Guyana's oil sector could generate annual revenue of US$15 billion and that the government would pocket most of the profit generated from the explorations.
Falkland Islands lawmaker MLA Ian Hansen made on Wednesday a courtesy call on Guyana's Minister of State Joseph Harmon at his office in the Ministry of Presidency, in Georgetown, the country's capital.
Exxon Mobil Corp. has discovered more oil on the Staborek block offshore Guyana, northeast South America, with the Turbot-1 well. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Turbot-1 well on Aug. 14, 2017, and encountered a reservoir of 23 m of high-quality, oil-bearing sandstone in the primary objective.
ExxonMobil and its partner Hess Corp. have announced that the major discovery off the coast of Guyana, in the north of South America and bordering with Venezuela, is a discovery that is much larger than previously expected.
Against the background of what he said were continued territorial threats from both Venezuela and Suriname, Guyana President David Granger has announced a Total National Defense Policy.