Country projected to be highest per capita world oil producer by 2035

GEORGETOWN, Guyana (CMC):

Guyana is predicted to become the highest per capita oil producer in the world by 2035, according to Latin American strategic market research firm, Americas Market Intelligence (AMI).

The company’s energy practice co-director Arthur Deakin, speaking on Wednesday at a virtual webinar on advancing low carbon strategies in the petroleum sectors of Guyana and Suriname, said that was based on a projection of Guyana’s production levels.

He said Guyana could be producing 1.4 million barrels of oil per day by 2035.

That is consistent with the production goals of ExxonMobil, the operator of the Stabroek block. ExxonMobil has already started producing from the estimated 10 billion barrels discovered there, with the intention to have six floating production, storage and offloading (FPSO) vessels operating the block by 2027.

ExxonMobil has already confirmed that Guyana’s resource estimate has exceeded 10 billion oil-equivalent barrels. The Stabroek block could have 10 billion more.

Deakin said that 20 per cent of the 10 billion barrels estimate is gas, adding that AMI sees Guyana becoming a gas exporting hub for CARICOM.

“Gas is going to be a tremendous monetisation opportunity in Guyana,” he said.

Guyana’s Ambassador to the United States Riyad Insanally participated in the AMI discussion.

He said there is great excitement in Guyana about the opportunities the industry provides, but due to long-standing societal issues and the experiences of other countries, there is apprehension.

ExxonMobil has said it sees potential for as many as 10 FPSOs in the Stabroek block in the next 10 years.

Already, one project is on stream with nameplate capacity of 120,000 barrels of oil per day. All three of its announced upcoming projects have nameplates each above 200,000 barrels per day.

With just four projects, ExxonMobil would be producing over 800,000 barrels of oil per day by 2025, leaving AMI’s projection well within the realm of plausibility, the Government said.