Guyana to witness transformational development from oil and gas resources

Natural Resources Ministry release

The Government of Guyana remains optimistic about the country’s oil and gas transformational development following ExxonMobil’s recent announcement on the progress of the Payara development offshore Guyana, subsequent to Government and regulatory approvals.

Natural Resources Minister, Hon. Vickram Bharrat in his reflection of the recent ExxonMobil Report for the Third Quarter for 2020 highlighted that Guyana continues to be on an economic and development transformational path, which will positively impact all Guyanese.

According to ExxonMobil, the Stabroek Block will have the capacity to produce up to 220,000 oil-equivalent barrels per day after the expected startup in 2024. The company also made its 17th and 18th discoveries at the Yellowtail-2 and Redtail-1 wells, respectively, increasing the estimated recoverable resource to nearly 9 billion oil-equivalent barrels on the Stabroek Block.

Minister Bharrat stated that in the next five to ten years, Guyana will witness phenomenal development resulting from the sustainable growth of Guyana’s oil and gas resources. “My Ministry and the Government of Guyana remain committed to exploring all possibilities to secure maximum benefits for the oil and gas sector”, the Minister said.

He reiterated that the Government is working on all fronts to ensure that all Guyanese benefit through the framework of the local content policy. This is being coordinated through the Local Content Advisory Panel and the Task Force for Natural Gas Management.

Further, the Minister underscored that Guyana is poised to become a leader in the global oil and gas market with numerous interests generated from major players such as Qatar, Dubai, Chevron, etc, which will bring necessary skills and advanced technology for the sustainable management of our oil and gas resources.  As such, the Ministry will continue to engage with all industry stakeholders and regulatory agencies such as the Department of Energy, the Environmental Protection Agency and the Guyana Geology and Mines Commission to ensure compliance within the sector in keeping with international best practices, accountability and transparency.