OilNow, an informative and boldly named media outlet that covers the oil and gas sector in Guyana, reports that “the Guyana government expects crude oil exports this year to generate US$11.3326 billion in 2023, a 14% increase from the 2022 figure.“
Of course, the 3 Stabroek Block partners who are responsible for this production – Exxon (45%), Hess (30%), and CNOOC (25%) – are also doing quite well. If you are wondering about this curious mix of companies – a US supermajor, a large US independent, and a state-owned Chinese mega-company – this OilNow post explains what happened.
Initially, Exxon and Shell were 50/50 partners in the Stabroek Block. Shell thought the chances for success were slim and opted out a year before the world class Liza discovery (ouch!). After Shell departed, Exxon sent “at least 35 letters” to prospective partners and only Hess and CNOOC responded favorably (actually, it was Nexen, not CNOOC that responded). The Liza discovery followed and the rest is history.
Will exploration offshore Jamaica and Barbados also prove successful? Stay tuned.
Bud's Offshore Energy (BOE) 