By : Dr. Franyi Sarmiento, Ph.D., Inspenet, March 31, 2022.
Exports of crude oil and petroleum products from Guyana to the United States almost tripled (+181.48%) in one year, going from an average of 27,000 in 2020 to 76,000 barrels per day in 2021, according to data from the Energy Information Administration. of the United States (Energy Information Administration EIA).
The months with the highest exports were September and February 2021 with 176,000 and 125,000 barrels per day, respectively.
US-based ExxonMobil, which is the largest operator in Guyana, has made 18 finds in the country’s offshore Stabroek block since May 2015 and started production in December 2019.
In January of this year; Two new hydrocarbon discoveries were announced in the Fangtooth and Lau Lau wells, with which the estimate of recoverable resources will exceed 10,000 million barrels of oil. It is expected that; by the end of the year, the country would produce approximately 340,000 barrels of oil per day.
With current resources, up to 10 projects can be developed. The Exxonmobil company anticipates that four FPSO-type vessels (drilling and storage vessels) with a capacity of more than 800,000 barrels per day will be operational in Guyana by the end of 2025.
After the announcement last February of a new oil discovery by the companies CGX Energy and Frontera Energy Corporation in the Corentyne block of Guyana, the Minister of Natural Resources, Vickram Bharrat, is confident that the discovery will bring massive investment to Region Six of the country.
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