Oil discoveries and multimillion-dollar investments make Guyana, Brazil's neighbor, the leading country in global growth, according to IMF

Investments and oil discoveries are transforming Guyana, an underdeveloped country with the highest GDP growth in the world

Guyana's oil sector is undergoing a impressive expansion, with oil production increasing significantly in recent years. In early 2020, the country was producing less than 100.000 barrels a day, however, by the end of March 2023, that number had jumped to almost 400.000 barrels a day. This rapid escalation places Guyana at the epicenter of a true oil boom, with forecasts pointing to an even more promising future, according to the AEPET website.

Expectations are that the accelerated growth of the Guyanese oil sector will continue for at least another decade, with projections indicating that the country will be producing 1,2 million barrels per day by 2027. This expansion places Guyana in a prominent position on the global stage, with an oil sector in full growth and an ever-increasing production potential.

In addition, recent events have pointed to Ongoing ongoing oil discoveries, which further boosts the country's reserves and production. The energy sector in Guyana has experienced a significant increase in investments, which contributes to the development and exploration of new oil fields. These promising discoveries reinforce Guyana's position as one of the areas with the greatest potential in the world's oil sector.

Increase in oil also benefits other countries in the chain

The Guyanese oil boom not only boosts the country's economy, but also attracts investors and sparks international interest. The business opportunities and economic benefits arising from this growth are enormous, bringing prospects for sustainable development and improved quality of life for the Guyanese population.

With the expansion of oil production and continued investment in the energy sector, Guyana is positioned as an important player in the global oil market. The country is consolidating itself as one of the main suppliers of the commodity, taking advantage of its potential and natural resources to drive economic growth and seek a prosperous future.

ExxonMobil leads Guyana oil discoveries, invests billions in promising Stabroek Block

US energy giant ExxonMobil, along with its consortium partners Hess and CNOOC, is playing a central role in Guyana's growing oil boom. This integrated oil company has already carried out more than 35 oil discoveries in the Stabroe Block basink, where it holds a 45% stake and acts as operator. These discoveries have given Exxon and its partners an estimated oil resource of more than 11 billion barrels. 

The most recent discovery, the second announced in 2023 after the Fangtooth SE-1 well, occurred at the end of April of the same year. Exxon found oil in the pioneer well Lancetfish-1, which was drilled to a depth of 1.780 meters. According to Alistair Routledge, president of ExxonMobil Guyana, this discovery “demonstrates the continued exploration potential of the Stabroek Block”. This indicates that new oil discoveries are being made, despite the failure of Kokwari-1 exploration, also completed in April 2023.

The energy giant continues to prioritize the development of the prolific Stabroek Block, committing to invest $ 12,7 billion in the Uaru project, which will be the fifth operation of its kind to be developed by Exxon in the block. The Uaru project was approved by the government of Guyana and will involve the construction of 10 drilling centers with 44 production and injection wells, targeting more than 800 million barrels of oil resources. The Uaru is expected to start production in 2026, with a capacity to pump 250.000 barrels of oil per day.

ExxonMobil's leadership in Guyana oil exploration

ExxonMobil's leadership in oil discoveries and its significant investment in the Stabroek Block demonstrate the company's commitment to the region's potential. These efforts aim not just the maximization of oil production, but also the establishment of a long-term partnership with Guyana, boosting economic development and creating employment and investment opportunities in the country.

With continued oil discoveries and massive investment in the Stabroek Block, ExxonMobil is consolidating its position as one of the leading oil companies in Guyana. The company is breaking new ground and driving Guyanese's economy, while contributing to the growth of the country's oil sector and solidifying its reputation as a trusted partner on the international energy scene.