Energy market reforms in Guyana have been gaining momentum in recent years, as the country seeks to diversify its energy sources, reduce its dependence on imported fossil fuels, and promote sustainable development.
GEORGETOWN, June 16, 2023 – Chinese EPC company Bomesc Offshore Engineering Company has signed a contract with Japanese shipbuilding entity MODEC to build FPSO modules for ExxonMobil’s Errea Wittu FPSO bound for Guyana, Upstream Online reported on Thursday.
GEORGETOWN, May 8, 2023 – MODEC has signed an EPCI contract to build an FPSO bound for TotalEnergies’ offshore Uaru field in Guyana, the Japanese shipbuilding company announced on Monday.
The small Caribbean nation of Guyana is experiencing a colossal oil boom which keeps getting bigger and bigger.
Until recently, Guyana was relatively unknown to international investors. The small English-speaking country of about 800,000 people was one of the poorest in South America. Its position between Suriname, Brazil and Venezuela — the latter two being large oil-producing nations — meant Guyana was often overlooked.
Vice president, Dr Bharrat Jagdeo, who is in India on an official visit, has disclosed that a memorandum of understanding between Guyana and the South Asia country, to boost cooperation in the oil and gas sector is likely to be signed.
Offshore Guyana is garnering considerable attention from international oil companies as a slew of oil discoveries since 2015 underscore the significant oil potential of the former British colony’s territorial waters. Since 2015, global energy supermajor ExxonMobil has made a slew of high-quality petroleum discoveries in the Stabroek Block offshore Guyana which the company estimates contain over 11 billion barrels of recoverable oil resources.
ExxonMobil made its first world-class oil discovery in Guyana’s territorial waters in 2015
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.
South America’s latest oil-producing nation, the former British colony of Guyana, is continuing to lay the groundwork for its oil boom.