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Guyana becomes an oil Eldorado

2023-11-28T19:21:11.481Z

Highlights: By 2025, the small Latin American state will extract nearly 1% of global demand. Extraction began in 2021, was already reaching 300,000 barrels per day at the end of 2022. ExxonMobil, the main operator of the project, expects it to reach 0.8 million barrels a day by 2025. Guyana will then produce nearly 1 per cent of world supply, placing itself ahead of the United Kingdom in 2022 (0.78 mbd) or Venezuela, its neighbour with prodigious reserves.


By 2025, the small Latin American state will extract nearly 1% of global demand.


Idyllic beaches on the Atlantic, a rainforest that covers a country the size of Great Britain, barely 800,000 inhabitants. This is Guyana. A small English-speaking republic whose destiny is in the process of being turned upside down.

Huge reserves of good quality gas and oil, equivalent to those of Kuwait or the United Arab Emirates, have been identified at sea over the past eight years, in some thirty successive discoveries. Extraction, which began in 2021, was already reaching 300,000 barrels per day at the end of 2022. And output growth is expected to continue at a rapid pace. ExxonMobil, the main operator of the project, expects it to reach 0.8 million barrels per day (mbd) by the end of 2025 as new extraction vessels come online. Guyana will then produce nearly 1% of world supply, placing itself ahead of the United Kingdom in 2022 (0.78 mbd) or Venezuela, its neighbour with prodigious reserves but heavier crude and...

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Source: lefigaro

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