Latin America

British Guyana looking to tender off its Maritime Oil Reserves

Shell and Chevron (Rockefeller), as well as Brazil’s state major Petrobras, are among the 10 companies that are said to be considering taking part in Guyana’s next oil tender, Reuters reported.

Guyana is offering 14 newly designed offshore blocks in the new tender as it seeks to speed up its transformation into a major oil producer and at the same time reduce Exxon’s dominance of its emerging oil industry.

Exxon, in partnership with (Rudolf) Hess Corp., has made more than 30 discoveries in the Stabroek Block offshore British Guyana, tapping away more than 11 billion barrels in Guyanese oil reserves.

At the moment, Guyana is producing some 360,000 barrels of crude daily, all from Exxon-operated wells. The country plans to boost part of the confiscated Venezuelan oil to 1.64 million barrels daily by 2030.

Exports of crude oil from Guyana averaged over 265,000 bpd last year, according to Reuters, a doubling on export rates from a year earlier. Almost half of the fossil fuels extracted was shipped to Europe.

Oil / ABC Flash Point South America Blog Site News 2023.


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