Exxon’s oil finds kept coming. It now estimates there are 9bn barrels of oil off the coast of Guyana. The Liza 1 prospect is the first to start pumping, with Exxon operating in deeper waters and nearly three times farther from shore than BP’s Deepwater Horizon rig in the Gulf of Mexico.
When did ExxonMobil find oil in Guyana?
July 28 (Reuters) – Exxon Mobil Corp (XOM. N) has made a new discovery at Whiptail in the Stabroek Block offshore Guyana, the U.S. oil major said on Wednesday, as it develops one of the world’s most important new oil and gas blocks in the last decade.
How much oil has been discovered in Guyana?
ExxonMobil increases Stabroek resource estimate to 5 billion barrels; Makes 10th discovery IRVING, Texas — ExxonMobil said today it made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels.
How many barrels of oil was found in Guyana?
The potentially prolific Stabroek block spans 6.6 million acres offshore of Guyana. The latest find would add to the estimated recoverable reserves of more than 9 billion barrels of oil equivalent discovered within the block, according to the development partners.
What type of oil does Guyana have?
Growing a Guyanese brand with international standards
This bodes well for Guyana as sweet light crude is the preferred type from which the highest value petroleum products are derived. However, it is important to note that the price of Guyana’s crude will be dependent on more than just its quality.
Does Guyana have a lot of oil?
Guyana is one of the newest petroleum producing regions in the world, making the first commercial grade crude oil draw in December 2019. Crude oil is sent abroad for refining.
Is Guyana getting rich?
IMF tips oil rich Guyana to be world’s fourth-largest growing economy in 2021. A global financial institution has forecasted that Guyana’s economy will be among the frontrunners for growth this year. … Previous forecasts issued by the IMF put Guyana’s economy at $14.1 billion by 2025, almost three times 2019 figure.
Why is Guyana growing so fast?
South America’s Guyana, a country of 780,000, will experience the world’s fastest economic growth in 2020 driven by ExxonMobil’s discovery of oil, according to IMF. … Guyana is projecting $300 million in petroleum revenue in 2020 as ExxonMobil starts pumping from its first oil well next month.