ExxonMobil, along with partners Hess Corp and the China National Offshore Oil Company, have invested over $50 billion in developing the Stabroek field offshore Guyana. The production currently stands at 600,000 barrels per day and is expected to more than double by the end of 2027. Guyana is on track to become the second-largest oil producer in South America by 2030, exporting up to 2 million barrels per day, comparable to Kuwait.
President of Guyana Mohamed Irfaan Ali is focused on the prosperity of the Guyanese people and plans to utilize oil money to fund various development projects. The rapid economic growth is evident in the construction of hotels and hospitals, scholarships being funded, and a surge in GDP. However, a territorial dispute with Venezuela over the Essequibo region poses a threat to Guyana’s progress, despite the country’s alliances and strong international support.
ExxonMobil is optimizing the oilfields for long-term extraction, with plans to deploy 250 wells and 200 miles of flowlines on the seafloor. They are also implementing advanced technology to enhance oil recovery and operational efficiency. As Guyana transitions into an oil-producing nation, efforts are being made to diversify the economy, with a focus on developing the agriculture industry alongside oil production.
The government of Guyana is welcoming investors with a streamlined process for setting up businesses and no restrictions on repatriating profits. Local content requirements are being used to promote private enterprise and support the growth of domestic industries, ensuring that the benefits of oil production are shared among the Guyanese people. Foreign companies like Chevron are also eyeing opportunities in Guyana by acquiring stakes in existing projects.
Investors are encouraged to explore opportunities in Guyana, particularly in the agribusiness sector, where there is potential for growth and development. Despite challenges posed by territorial disputes and environmental concerns, Guyana remains a lucrative market for oil and other industries. With the support of international partnerships and a pro-business environment, Guyana is poised for significant economic growth and development in the coming years.
