& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




In Guyana Exxonmobil lifts first oil

Christopher Gregory/The New York Times

Guyana fishermen make their way home to the coastal community of Clonbrook at the end of another day at sea. Guyana is one of the poorest countries in South America, but massive offshore oil reserves may well transform it to one of the wealthiest in the next few years - NYT

- Tiny nation to produce 750,000 barrels per day by 2025
- Exxon Mobil owns 45% of project, Hess 30% and CNOOC 25%

By Natnicha Chuwiruch and Kevin Crowley / Bloomberg

Petroleumworld 23 12 2019

Exxon Mobil Corp. and its partners lifted the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues.

Exxon has a 45% share in the Guyana project, while Hess Corp. has 30% and China's CNOOC Ltd. 25%. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross barrels of oil per day in coming months, with the first cargo to be sold within several weeks, the companies said in separate press releases.

Guyana President David Granger declared Dec. 20 “National Petroleum Day,” noting that the country has become an oil-producing state three months ahead of the recent schedule. The president hailed a related 10-year government plan to create oil-related jobs and boost the economy.

The Liza field is located in the Stabroek block, where recoverable resources are estimated to be more than 6 billion barrels of oil equivalent. A second floating, production, storage and offloading (FPSO) facility, with capacity of as much as 220,000 gross barrels of oil per day, is under construction as part of Liza's phase 2 development. At least five FPSOs are expected to be producing more than 750,000 gross barrels of oil per day from the Stabroek block by 2025, the companies said.

The amount of oil expected to be produced would mean Guyana, with a population of less than 800,000, may end up producing more crude per person than any other country in the world. But how it benefits from that wealth is still an open question . While the country has established a sovereign wealth fund, it has been slow to develop regulations to govern the sector and there's no set plan on how the money will be spent.

“Your government will manage petroleum revenues prudently to ensure fiscal discipline, financial sector stability, sustainable levels of public debt and low inflation,” Granger said in a video address to the people of Guyana.

Guyana will head to the polls in March for a presidential election that pits the incumbent coalition, led by Granger, against the People's Progressive Party, which held power for 23 years until 2015.

More: Guyana: A tsunami of what? “Of cash. Of opportunity.”

Story by Natnicha Chuwiruch and Kevin Crowley from Bloomberg 12 20 2019


We invite you to join us as a sponsor.
Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions as the source.

Other stories you have to get authorization by its authors. Internet web links to are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.
Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1




Editor & Publisher: Elio Ohep/
Contact Email:

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.