• 6 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 days "And this is perhaps the most dangerous kind of government there can be."
  • 7 hours Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day Demonising fossil fuels has caused major grid problem in Australia
  • 7 hours "...too many politicians believe things that aren’t true." says Robert Rapier
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 21 hours Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Is It Too Late To Invest In The Oil Price Rally?

Is It Too Late To Invest In The Oil Price Rally?

Many analysts say that the…

India And China Take In Russian Oil Unwanted In The West

India And China Take In Russian Oil Unwanted In The West

Attracted by cheap prices, India…

IEA Sees Oil Demand At Record High In 2023

IEA Sees Oil Demand At Record High In 2023

Oil demand growth is set…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Guyana Considers Creating Own State-Owned Oil Company

  • Guyana considers creation of state-run oil company.
  • Guyana President: diversifying Guyana's economy is crucial.
  • Guyana will look for a “strategic partner” to run a state-run oil company.

The world’s newest offshore oil player, Guyana, is considering making a big move—one that could sideline Exxon from bidding on further exploration areas, Vice President Bharrat Jagdeo said at the BNEF Summit in New York on Tuesday. 

The news comes as Vice President Bharrat Jagdeo said that the nation’s oil wealth poses a risk, and that diversifying the fastest growing economy in the world would be critical.

It also follows Exxon’s FID for an additional $10 billion on its Yellow Tail project, which should start producing in 2025 with a production of 250,000 bpd—Exxon’s largest Guyanese project to date.

Guyana is now planning the next round of oil licensing, with decisions on the licensing process expected by September, but Guyana has had concerns about the number of oil projects Exxon now controls.

Hess and CNOOC, who also hold large positions in Guyana’s oil resources, could also be excluded.

Guyana has been inundated with oil company interest after Exxon made its initial discovery since 2015, and Guyana will now look for a “strategic partner” to run a state-run oil company—potentially from the Middle East.

The push for Guyana to have a bigger hand in its oil wealth is nothing new. Guyana was criticized for the deal it made with Exxon following Exxon’s initial discovery on the grounds that Guyana gave up too much to Exxon. One report from Watchdog Global Witness in 2020 suggested that Guyana lost as much as $55 billion from its offshore oil deal with Exxon.

Exxon has made more than 20 discoveries in Guyana, and the oil supermajor is prioritizing its exploration and production in Guyana due to low breakevens and high-quality, light, sweet oil found there. 

Guyana’s oil production is expected to rise to 800,000 bpd by 2025, Jagdeo said.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Dan Scott on April 20 2022 said:
    What a bad move that would be! Exxon was burned already by socialist countries seizing their assets. You will see the western capital dry up and economic activity (tax base) slow. All they'll have left for 'partnership' is communists and totalitarians wanting to put them in debt.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News