Editorial

Guyana is now a major competitive, policy-friendly player in global deepwater arena

  • Posted 2 months ago
  • Oil & Gas
The Liza Destiny FPSO producing oil offshore Guyana

A massive infrastructure transformation and construction boom in South America’s lone English-speaking country are the most visible signs of the nation’s newfound wealth which is being delivered by huge oil fields under development offshore. And the latest World Economic Outlook report, published by the International Monetary Fund projects its economy to grow by 38.4% in 2023, making it the fastest-growing country this year, outpacing other nations significantly.

Since 2015, U.S. oil major ExxonMobil has found more than 11 billion barrels of oil equivalent resources at the prolific Stabroek Block offshore Guyana, amounting to 18% of discovered resources and 32% of discovered oil globally.

Three projects are already in production with output set to surpass 600,000 barrels per day early next year. And this is just the beginning.

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