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Guyana to produce 1M barrels of oil per day by 2025 – Finance Minister tells Canadian forum
Given ExxonMobil’s prolific finds in the Stabroek Block, Guyana is in line with its 2025 timeline to produce one million barrels of oil per day. This was recently noted by Finance Minister, Winston Jordan. He was at the time delivering remarks at the opening of the Prospectors and Developers Association of Canada (PDAC) Convention in Toronto, Canada.
Speaking at the opening ceremony of the event which concludes tomorrow, Minister Jordan said that in the past four years, Guyana has featured repeatedly in the international press for the more than five billion barrels of recoverable oil discovered off-shore by ExxonMobil in partnership with Hess and CNOOC.
The Finance Minister said that even if you have spent the last year in the deepest mines of the Cuyuni, “I am certain that you have heard stories about these vast discoveries in the land of the fabled city of gold.”
Finance Minister, Winston Jordan
And as if to demonstrate its Midas-like touch, Jordan told his Canadian audience that ExxonMobil recently disclosed its 11th and 12th discoveries.
The Minister said, “With 17 prospects still to be drilled in the Stabroek Block, Guyana is on target to produce one million barrels per day. Indeed, research analysts at Wood MacKenzie have predicted that Guyana can surpass oil production in Mexico and Venezuela, thereby positioning the country to become, eventually, a power house in Latin America. Exploration of our off-shore basin will continue apace this year as several licensed operators have signalled their intention to ramp up drilling given the success of ExxonMobil and its partners”.
The economist added, “Production of oil is on target for the first quarter of 2020, but there are good indications that this timetable could be advanced to the last quarter of this year.”
Further to this, the Finance Minister said that Guyana is expected to earn significant revenue, once production begins, which will be used to create jobs in manufacturing, industry and value added agriculture, among other sectors of the economy.
In addition to this, he said that the oil money would be used to improve and expand the physical and social infrastructure of the country. In this regard, Jordan cited the government’s plans to facilitate and support oil and gas activity, accelerate natural resource development such as bauxite, and connect the hinterland and the coastland.
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