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Guyana looks to attract new oil explorers

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According to Guyana’s president, Irfaan Ali, the country’s government is looking to diversify the range of oil companies operating in its territories.

Guyana’s emerging oil industry has so far been dominated by a consortium led by ExxonMobil, the US-based oil that makes Mobil products like gas engine oil and grease. With its partners, the company has found 11 billion barrels of recoverable hydrocarbon reserves so far.

Speaking to Reuters while on an official visit to the US, Ali said he would take the opportunity to encourage other US energy firms to participate in the upcoming third-quarter bidding round for concessions:

“We are hoping that the participants in the auction…will add diversification. There is no blockage against any company.”

Guyana will soon be able to benefit from its oil wealth, with annual revenues expected to exceed $1 billion this year and grow to around $7.5 billion by the end of the decade. As well as social projects to provide education and housing, Guyana’s government is also exploring projects to halve the cost of energy, which it says will help farmers, manufacturers, and consumers. He said about this:

“We have been clear to the United States that we are going to continue an aggressive bid to…capitalize on our hydrocarbon sector.”

Ali also said that despite being on track to become a major oil producer by 2027, the country did not currently plan to join OPEC, although he did not rule out revisiting the matter later once the country is a more established player in the oil sector.

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