ExxonMobil Guyana Ltd. and BM Offshore completed the transaction related to the FPSO Prosperity, ahead of the maximum lease term, which would have expired next November.
The Government of Guyana has withdrawn half of the country’s total earnings to date from oil and gas production.
The 2025 edition of the Guyana Energy Conference and Supply Chain Expo was launched this morning with a plan to present Guyana as more than just an oil and gas country, but rather as a country that can facilitate growth in a number of other industries.
Joint venture (JV) partners, Canada’s CGX Energy and Frontera Energy, are seeking to undertake additional action to tap into and unleash the hydrocarbon resources on the Corentyne block offshore Guyana, given the potential for a standalone shallow oil resource development across the block, which their exploration results highlighted.
ExxonMobil made its first world-class oil discovery in Guyana’s territorial waters in 2015
Guyana’s oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer’s light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.
Despite the dire predictions of peak oil demand, which will is expected to arrive during the next decade as the world transitions to a low-carbon economy, international energy companies are investing heavily in fossil fuel exploration and production.