Guyana Races Against the Clock to Bank its Oil Bonanza

An Exxon Mobil-led consortium plans to pump 1.2 MMbbl/d of oil from its holdings in Guyana in 2027, which would give the country more output than its neighbor Venezuela and the highest output per capita in the world.

Sabrina Valle, Reuters

For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.

With sky-high oil prices, a transition to renewable energy on the horizon and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.

Already locked into contracts with oil firms that have been criticized for being too one-sided, Guyana had hopes of setting up a state-run oil company to manage the next development phase and conduct its own seismic surveys of unexplored fields – all with the aim of securing the best possible return.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access