IRVING, Texas (Businesswire) October 26, 2022 - - ExxonMobil today announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities.
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GEORGETOWN, Guyana, October 19, 2022 - With the massive increase in oil production output being experienced by Exxon and its partners in the oilfields offshore Guyana, there is increasing pressure for renegotiation of the oil drilling and production contract between the government of Guyana and ExxonMobil.
The offshore Guyana-Suriname Basin emerged in 2019 as one of the world’s most exciting drilling frontiers. While the U.S. Geological Survey estimated that the basin contained mean undiscovered oil resources of 15 billion barrels, disappointing exploration results saw international energy companies shun the geological formation.
The impoverished tiny South American country of Guyana has emerged as one of the continent’s top oil producers and is poised to become a leading global energy exporter. Since 2015 an Exxon Mobil-led consortium has made a swathe of high-quality oil discoveries in offshore Guyana in the 6.6-million-acre Stabroek Block, with the latest announced in July 2022. It is estimated those finds have uncovered nearly 11 billion barrels of recoverable oil resources in the Stabroek Block with further oil discoveries to come.
Bridgetown, Barbados, October 7, 2022 - Your “roof is a money-making machine”, and investment in a [solar] system is the route to making even more money. This is the word from Barbados’ Chief Energy Conservation and Renewable Energy Officer, William Hinds.
GEORGETOWN, Guyana, September 25, 2022 - A member of Guyana's Opposition Coalition, the Alliance for Change, AFC, is insisting that the government implements a more stringent oversight mechanism for the oil and gas industry, in light of the most recent announcement there was spillage of one barrel of crude oil from EXXON’s operations.
GEORGETOWN, Guyana, August 10, 2022 - As more oil discoveries are made off the coast of Guyana there are concerns over the increasing possibility of oil spills in the area, and the need for an unlimited guarantee agreement by ExxonMobil in the event of such an occurrence, which could do serious damage to the ecology of Guyana and possibly the wider Caribbean.
GEORGETOWN, Guyana, July 27, 2022 - The ExxonMobil company has announced that it has made two new discoveries offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block.
GEORGETOWN, July 12, 2022 - Earlier this year, in its April 2022 World Economic Outlook, the IMF projected a nearly 50 per cent rate of economic growth for Guyana this year. Beyond 2022, the IMF said Guyana is expected to record a 34.5 per cent increase in 2023 and a 3.7 per cent increase by 2027.
Hess Corporation, one of the co-venturers in oil exploration and production offshore Guyana, on Wednesday singled out Guyana as a major source of low-cost oil especially due to reduced global output due to the Russia-Ukraine war.
