Guyana has extended its deadline for its much-anticipated oil and gas bid round to September 12, 2023, Reuters reported on Wednesday.
The near collapse of Venezuela’s once colossal oil industry under the weight of endemic corruption‚ and strict U.S. sanctions, along with Mexico’s sputtering mature oil fields, saw Latin America’s economically crucial hydrocarbon sector fall into decline.
Tiny South American country Guyana, which has a population of less than one million, recently emerged as the world’s hottest offshore frontier drilling location.
Recently, a number of headlines recently have referred to the world’s “hottest frontier oil play,” a site of massive oil and gas finds with great promise for investors
For a country of under one million, former British colony Guyana has emerged as a fossil fuel powerhouse. A series of more than 30 high-grade oil discoveries in the offshore Stabroek Block by energy supermajor Exxon have catapulted Guyana into the big league ending it with over 11 billion barrels of oil resources.
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.