Discovery of Oil Reserves off the Coast of Guyana

In May 2015, ExxonMobil announced a significant oil discovery off the coast of Guyana, marking the first major find in the region. This discovery, known as the Liza-1 well, revealed more than 90 meters of high-quality, oil-bearing sandstone reservoirs approximately 200 kilometers offshore. Initial estimates suggested the presence of over 700 million barrels of oil. ​ Following this initial find, ExxonMobil and its partners, Hess Corporation and CNOOC Limited, conducted extensive exploration activities in the Stabroek Block. By April 2022, the consortium had made over 30 additional discoveries, increasing the estimated recoverable resources to nearly 11 billion barrels of oil equivalent. ​ These successive discoveries have positioned Guyana as a significant player in the global oil industry. Production commenced in December 2019 with the Liza Phase 1 project, and the country's output has been rapidly increasing. Projections indicate that Guyana's oil production could reach 1.2 million barrels per day by 2027, contributing substantially to the global crude oil supply. ​ The rapid development of Guyana's oil sector has led to unprecedented economic growth, transforming it into one of the world's fastest-growing economies. This transformation is evident in the nation's GDP expansion and the influx of foreign investments, reshaping the economic landscape of the country. ​