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Guyanese president talks about oil success

oil barrels

The President of Guyana, Dr Mohamed Irfaan Ali, has held a media conference at which he talked about the state of crude oil production in the country and what it will mean for the economy and public services.

ExxonMobil, the maker of the Mobil DTE hydraulic oil, is already pumping some 400,000 barrels per day (bpd) from the Stabroek block, but this is expected to rise to 1.2 million bpd by 2027. The President said with production of its low-sulphur, medium-grade crude oil increasing, the Guyanese Government was expecting to receive $10 billion each year in revenues by 2030. He also talked about how Guyana was performing in areas like agriculture, sustainable energy, health, water education and housing, adding:

“Our Natural Resource Fund, as you know, is growing, and we are looking to the modernisation of our country’s health, education, agriculture, and the fuelling of the new economy and expansion of the economy from revenues from the oil and gas sector.”

Guyana has recoverable crude oil reserves in the region of 11 billion barrels, which is the third largest in Latin America and the Caribbean, but this is based just on Exxon’s discoveries in the Stabroek block. The country is planning to offer further blocks for exploration in a competitive auction with a wider range of companies this year.

By 2035, analysts for the oil industry predict that Guyana will become the fourth-largest oil producer in the world thanks to its crude oil being highly competitive in terms of both carbon intensity and production cost.

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