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.