This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 7/9/2019

Overview

In 2000, the U.S. Geological Survey (USGS) identified the Guyana-Suriname Basin as having the second highest resource potential among unexplored oil basins in the world and estimated the mean recoverable oil and gas reserves at more than 13.6 billion barrels of oil and 32 trillion cubic feet of gas.  Several international oil and gas companies (IOCs), including ExxonMobil (U.S.), Esso (U.S.), Hess Corporation, Repsol (Spain), Anadarko (U.S.), Total (France), Tullow Oil (UK), and CGX Energy (Canada), have been participating in exploration and drilling activities.  Guyana’s Ministry of Natural Resources (MNR) continues to process additional companies’ exploration applications.  The number of actors in the upstream sector is expected to increase. 

ExxonMobil’s May 2015 discovery with the Liza wells in its Stabroek block will likely signal a new era for the country’s energy sector and economy.  There are already more than 5.5 billion barrels of confirmed oil and gas reserves and more is likely to be found.  It presents a transformative opportunity to put in place the structures and capacity needed to oversee the sector’s long-term development, effectively manage revenue streams, and ensure proper stewardship of what are finite hydrocarbon resources for future generations of citizens in Guyana.  ExxonMobil already submitted production plans for Liza-1 and Liza-2, both signed by the current administration.  These two projects alone should produce an estimated 340,000 barrels per day, with future production plans expected.  By 2025, ExxonMobil could be extracting 750,000 barrels per day, equivalent to the entire population of Guyana.  ExxonMobil plans additional exploration in its block in 2019 citing favorable geology and promising production sharing agreement (PSA) terms. 
 

 2015201620172018 (Provisional)
Total Imports367.4344.7411.4496.0
Total Market Size367.4344.7411.4496.0
Exchange Rates208.50208.50208.50208.50

(total market size = (total local production + imports) - exports)

Leading Sub-Sectors

Oil and gas exploration.

Opportunities

  • Provision of drilling and seismological equipment.
  • Training on extractive industries topics to GOG officials.
  • Oil Exploration.

Web Resources

Guyana Office for Investment:
Guyana Geology and Mines Commission
Ministry of Natural Resources and the Environment

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