Last year alone, Exxon took credit for five of the six biggest oil finds, all in Guyanese waters. A consortium led by Exxon plans to produce , barrels a day by from its Guyanese fields — an enormous addition to its current global production of four million barrels a day. The bonanza came in good time for the company. Even before the collapse of crude prices this month, Exxon had been forced to write off billions of dollars of investment in Canadian oil sands and sell assets in the North Sea in part to pay investor dividends.
A Small Country, an Oil Giant, and Their Shared Fortune
40 Million To Invest In Guyana Only Need Advice - A F I A writes
This will give the government and civil society a tight schedule to prepare for the opportunities and problems that will result from becoming a major petroleum producer. Underdeveloped economy. Settled by the Dutch West India Company in to establish sugar plantations, Guyana became a British colony in , and gained its independence in The country has no oil and gas production, so significant offshore finds are, for the most part, welcome news. Guyana-Suriname basin resource assessment. Updated in , the report identified the basin as the second-largest prospect on or near the continent. In , CGX and Repsol drilled wildcats that encountered high pressures, but both were plugged without commercial finds.