Guyana is well on course to becoming the fourth largest offshore producer of oil in the world by 2035, which will put it ahead of countries like the United States, Mexico and Norway.
This is according to the Economic Commission for Latin America and the Caribbean (ECLAC) in its latest report on Foreign Direct Investment.
“Guyana has been expanding not only its oil reserves each year, but also the oil produced and the revenues derived from the resources,” the report stated.
“Projections indicate that Guyana will consolidate its position as the world’s fourth largest offshore oil producer by 2035, ahead of countries such as the United States, Mexico and Norway.”
It was pointed out in the report that US$10 Billion in oil investments were announced in Guyana for 2022.
This is a steep increase considering that in 2020 US$8 million in oil investments were announced and US$33 Million in 2021.
According to the report, Guyana’s oil is very competitive, with light crude, low exploration costs and emissions below the world average.
The report also noted that royalties and tax revenues from exploration in Guyana are expected to total US$13 billion by 2029.
To date, there have been some 45 discoveries offshore Guyana, since the first oil find in 2015.
ExxonMobil has said it anticipates at least six projects offshore Guyana will be online by 2027.
Outside of ExxonMobil and its partners – which has to date been the country’s only producer – CGX Energy and Frontera recently discovered oil in the Corentyne Block.
The Ministry of Natural Resources has noted that this latest oil find reaffirms the country’s hydrocarbon potential outside of the highly productive Stabroek Block.
