12/23/2023 0 Comments CHK Rus 3.96 for windows downloadGuyana’s massive oil boom is delivering a tremendous economic windfall for what was once one of the poorest countries in South America. Based on global 2022 production data, this will see Guyana emerge as the world’s 15th largest oil producer, ahead of OPEC member Algeria. On commissioning, which is expected at the end of 2027, Whiptail will boost Guyana’s oil production to around 1.3 million barrels per day. The latest to be approved was the $12.93 billion project to develop the 2021 Whiptail discovery, which will consist of 72 wells with the capacity to pump 250,000 barrels per day. The consortium has approved six projects, with two, Liza Phase 1 and 2, now operational, with four more to come online by 2027. Exxon, which is the operator with a 45% interest in the block, with Hess controlling 30% and CNOOC the remaining 25%, is making significant investments to exploit the more than 11 billion barrels of oil resources discovered. This adds to the considerable risks that have the potential to interrupt Guyana’s colossal oil boom, which has already delivered a massive economic windfall.Īn Exxon-led consortium has made over 35 high-quality discoveries in Guyana’s 6.6-million-acre offshore Stabroek Block. How the government in Georgetown manages the vast wealth flowing from the former British colony’s offshore oilfields is especially important, with mounting global pressure to reduce fossil fuel consumption and carbon emissions. There are fears the former British colony will struggle to avoid the oil curse because of poor governance and weak democratic institutions. In a mere eight years, the tiny South American country of less than one million has gone from first discovery to pumping around 350,000 to 400,000 barrels of oil per day, with signs that Guyana will be lifting at least 1.2 million barrels daily by 2027. Guyana has emerged as one of the world’s most exciting offshore oil plays.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |