25 Oct 2019: Latin American Producer Shows Enormous Potential
Every oil production outlook for 2020 and beyond needs to consider the enormous potential represented by Guyana, a small Latin American country with a total population of about 800,000 tucked in between Venezuela, Brazil and Suriname (all oil producers). By far the largest player in the country is ExxonMobil, with its partners Hess and China National Offshore Oil Corp. (CNOOC).
In 2015 Exxon made a discovery offshore Guyana in the Stabroek exploration block and since then it has found so much more oil that Guyana could become one of the largest oil producers in the world on a per capita basis. Production and exports are projected to reach 750,000 barrels per day (b/d) in 2025 supported by up to five Floating Production Storage and Offloading vessels (FPSO’s).
Since the production is offshore in deep water, there is ample flexibility for these export barrels to be sold and shipped anywhere in the world, including the Americas, Europe and Asia. Depending on the destinations, Guyana crude oil exports could support all the major crude oil vessel classes.
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