Crude Petroleum in Guyana | The Observatory of Economic Complexity (2024)

FAQs

Who owns the oil in Guyana today? ›

Through a series of discoveries starting in 2015, Exxon and its two partners, Hess and Chinese oil company Cnooc, have found more than 11 billion barrels of oil off the Guyanese coast—a bounty that could last for decades.

Guyana-United States Trade: In 2022, Guyana exported $307M to United States. The main products that Guyana exported to United States were Crude Petroleum ($2.09B), Aluminium Ore ($71.7M), and Gold ($28.8M).

Guyana's most recent estimate of recoverable oil and natural gas resources is more than 11 billion oil-equivalent barrels, and developers are still exploring the country's offshore waters.

New wells pump out 645,000 barrels everyday, which resulted in $1.6 billion in revenue for Guyana's government in 2023. The nation's economy quadrupled in size over the last five years, going from one of the lowest performing in the region to the fastest growing in the world for two years straight.

He went on to explain out of the total external debt US$910 million was multi-lateral debt. This means debt owed to lending institutions such as the International Monetary Fund (IMF), World Bank, Inter-American Development Bank (IDB) and the Caribbean Development Bank (CDB).

“It's speculated that Guyana would become the richest country per capita because of this oil,” Kiana Wilburg says. In a country where almost half of its people live on less than $6 a day, the oil revenues could pull the nation out of poverty.

SPRING, Texas – ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add approximately 250,000 barrels of daily capacity by the end of 2027.

The United States is Guyana's largest trading partner. Guyana's largest imports from the United States are fuels and lubricants, equipment, and cement. Guyana's major exports are oil, gold, rice, fish, timber, and sugar.

Guyana is number 17 for largest oil reserves in the world.

GEORGETOWN, Feb 6 (Reuters) - A consortium led by Exxon Mobil Corp (XOM. N) , opens new tab which controls all oil production in Guyana is pumping about 645,000 barrels per day (bpd) in the South American country, up from about 400,000 bpd in late 2023, the U.S. producer said at a press conference on Tuesday.

What makes Guyana rich? ›

The 2015 oil discovery made Guyana the world's fastest-growing economy, recording the world's highest real GDP growth rate in 2022 and 2023. The story is different across Guyana's border. Venezuela has the world's largest oil reserves, but that hasn't stopped its economy from collapsing since Maduro took power in 2013.

Major economic sectors. Agriculture and mining are Guyana's most important economic activities, with sugar, bauxite, rice, and gold accounting for 70–75 percent of export earnings.

Guyana is now ranked as having the fourth-highest GDP per capita in the Americas after the United States, Canada, and The Bahamas, and has been one of the countries with the most improvement in Human Development Index ranking since 2015.

Guyana can be an excellent place to live for expats. Whilst it has some issues around safety and poverty, the country is taking steps to develop and make improvements. Its economy is fast-growing, which could result in more investment to improve infrastructure and living conditions for the poorest of the population.

Guyana achieved independence from the United Kingdom as a dominion on 26 May 1966 and became a republic on 23 February 1970, remaining a member of the Commonwealth.

SPRING, Texas – ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add approximately 250,000 barrels of daily capacity by the end of 2027.

Unless explicitly separated by a deed, oil and gas rights are owned by the surface landowner. Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development.