Guyana petroleum development is only getting started, but the group has decided to navigate its population toward better affluence t5hat will enable other sectors to grow including alternative and renewable power sector that are likely to takeover fossil fuels in coming years.Furthermore, the small country’s approximately 800,000 people genuine hope of prosperity, which will unavoidably result from more than 9 billion boe of established offshore oil and gas resources.
Jagdeo, the vice president of the firm said that the world will persist to use fossil fuels for the probable future. He continued with adding that if all the investments are froze now, there is still an industry worth USD4 trillion dollar existing that produces oil and gas for global demand.Even the ones criticizing Guyana for creating its own petroleum sector where the world is making a transition towards renewables and alternative energies are setting the market in the incumbents.
A group led by Exxon Mobil that includes partners China’s CNOOC and Hess Corp, made first offshore discovery for Guyana in 2015. They started nation’s first offshore oil production in 2019 December and are currently producing 120,000 b/d of oil from the nation’s Stabroek block where they have made approximately 20 discoveries so far.Two other advancements have been authorized to come available in early 2022 and 2024 correspondingly.
Guyana has a lot of potential in its petroleum resources. The country at present have a per capita income of around USD6000. The wealth added up from growth of oil and gas resources can make Guyana become a power in the power transition in future years.