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Oil boom begins in Guyana as Exxon lifts first Liza crude.
Exxon has a 45% share in the Guyana project, while Hess Corp. has 30% and China’s CNOOC Ltd. 25%. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross bopd in coming months, with the first cargo to be sold within several weeks, the companies said in separate press releases. Guyana President David Granger declared Dec. 20 “National Petroleum Day,” noting that the country has become an oil-producing state three months ahead of the recent schedule. The president hailed a related 10-year government plan to create oil-related jobs and boost the economy.
Guyana: Global Oil’s New King Of The Heap
Guyana is in a unique position as the world’s newest major oil producer. Other oil- and gas-dependent producers are contemplating the threat posed by the energy transition to their economy. Guyana’s oil, only just being commercialized, promises to transform the nation’s wealth. How can the South American country make the most of it? I delved deeper with our senior analysts Luiz Hayum (Latin America Upstream), Peter Martin (Economics), and Graham Kellas (Fiscal). Guyana’s oil fields are prodigious. ExxonMobil and its partners, Hess and CNOOC Ltd, upgraded reserves on the golden Stabroek block by 25% earlier this year.
The IMF thinks this small South American country will see economic growth of 86%...
The International Monetary Fund (IMF) believes one of South America’s smallest countries is likely to see a dramatic upswing in economic growth next year. Guyana, a country of about 780,000 which shares a border with Brazil, Suriname and Venezuela in the northeast of South America, will see economic growth of 86% in 2020, according to the IMF. That’s up from 4.4% in 2019. Such an explosive expansion of annualized real GDP (gross domestic product) would likely see Guyana register the fastest economic growth in the world next year. To be sure, Guyana’s projected economic expansion would be 40 times that of what is expected from the U.S. — the world’s largest economy.
The $20 billion question for Guyana.
Guyana is a vast, watery wilderness with only three paved highways. There are a few dirt roads between villages that sit on stilts along rivers snaking through the rain forest. Children go to school in dugout canoes, and play naked in the muggy heat. Hugging the coast are musty clapboard towns like Georgetown, the capital, which seems forgotten by time, honeycombed with canals first built by Dutch settlers and African slaves. The power grid is so unreliable that blackouts are a regular plague in the cities, while in much of the countryside there is no electricity at all. Such is the unlikely setting for the world’s next big oil boom.
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Oil boom begins in Guyana as Exxon lifts first Liza crude.
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Guyana: Global Oil’s New King Of The Heap
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