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.