• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Guyana’s Upcoming Oil Auction Is Attracting Attention From Supermajors

  • Guyana is offering 14 offshore blocks in its new tender as it seeks to boost its up-and-coming oil industry and reduce its reliance on ExxonMobil.
  • The 10 companies that are considering taking part in the oil tender include Shell, Chevron, and Brazil’s state oil major Petrobras.
  • Guyana is currently producing 360,000 barrels of oil per day, but plans to boost that figure to 1.64 million barrels per day by 2030.
Oil auction

Shell and Chevron, as well as Brazil’s state major Petrobras, are among the 10 companies that are considering taking part in Guyana’s next oil tender, Reuters has reported, citing unnamed sources in the know.

Guyana is offering 14 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.

The U.S. supermajor, in partnership with Hess Corp., has made more than 30 discoveries in the Stabroek Block offshore Guyana, tapping more than 11 billion barrels in 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 this 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 that was sold to Europe.

To promote the next bidding round, Guyana’s Vice President Bharrat Jagdeo will attend this week’s CERAWeek conference.

"We see this as big, transformative for our people. We are in a mad rush to get this done before net-zero comes," Jagdeo said, echoing plans by other oil-producing nations to make the most of their fossil fuels while demand is strong.

Yet oil is not Guyana’s only bet. The South American nation also has plans to develop its untapped natural gas reserves. Per Vice President Jagdeo, the government had been approached by several companies with the request to be considered should Guyana decide to develop LNG export capacity.

"We believe gas must be monetized," Jagdeo told Reuters in an interview this weekend. "We've had a number of those companies come to us and say 'Should you do that, we want to be considered.'"

By Charles Kennedy for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

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