New oil producer Guyana has been rapidly adding barrels to its discovered resources since 2015 catapulting the country to the number three position for proven oil reserves in the Latin America-Caribbean region.Crude oil reserves in Venezuela amounted to nearly 304 billion barrels in 2021. In addition to being the undisputed leader in Latin America, the country also boasted the largest crude oil reserves worldwide. Brazil followed in the region, although by a large margin, with 12.7 billion barrels.
Since its first world-class discovery in Guyana in 2015, ExxonMobil has made over 22 discoveries amounting to approximately 9 billion barrels of oil equivalent resources, placing Guyana at the number three position in Latin America and the Caribbean.
Largest exploration campaign ever to be undertaken in Guyana basin could see oil reserves skyrocket
Ecuador comes in 4th with 8.27 billion barrels, followed by Mexico – 5.79 billion barrels, Argentina – 2.48 billion barrels and Colombia – 2.04 billion barrels.
Other countries coming in below the 1-billion-barrel mark are Peru – 0.86, Bolivia – 0.24, Trinidad and Tobago – 0.24, Chile – 0.15 and Cuba – 0.09.
Oil reserves in Central and South America have remained relatively stable in the past decade, at an average of 51 billion metric tons, or roughly 375 billion barrels. Due in large part to Venezuela’s contribution, the region accounts for roughly one fifth of proven global reserves, ranking only behind the Middle East. Despite its potential, however, it reported the lowest share of global oil production in 2019, with a participation of less than seven percent. Only one country in the region – Brazil – ranked among the world’s top ten oil-producing countries that year.
While it holds the largest proved oil reserves, Venezuela ranked fifth in Latin America and the Caribbean based on petroleum production, trailing behind countries like Colombia and Argentina.
Guyana, Suriname discoveries span around 100 million years of deposition – Exxon Senior VP
Meanwhile new deepwater hotspot Suriname, like Guyana, has also been enjoying a string of discoveries offshore. 2020 has been the most successful year to date for the country, particularly at block 58 where Apache and TotalEnergries have made 4 discoveries. In Block 52, Petronas and ExxonMobil have so far made one discovery, making the total oil strikes offshore so far, 5. Analysts have said the country’s discovered resources to date exceed 1.4 billion barrels
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“ExxonMobil has made over 22 discoveries amounting to approximately 9 billion barrels of oil equivalent resources”
This covers just Exxon’s discoveries in the Stabroek block and does not include new discoveries in 2020/2021. The true numbers of Guyana’s oil reserves are probably well over 20 billion barrels of oil. This is nothing close to Venezuela’s reserves, but then the population of Guyana is 35 fold smaller.
https://oilnow.gy/featured/breaking-exxon-makes-new-guyana-discovery-increases-resource-to-10-billion-barrels/
Now we are up to 10 billion barrels!
The more oil they find, the more I am convinced an independent commission of non-political Guyanese should be formed to give the public an unbiased opinion of the Government’s plan. This does not mean that the Government is incapable, but only that the waters are uncharted, and deep.There should not be opposition, to a commission, because it is without legislative power, and it can help pin point short comings over looked by Government, they of course are driven by an obligation to their supporters.Not going to be easy, but is done by many countries in different formats.
WalIy, I agree that more participation of the Guyanese public in the management of the oil renews will be important. How can this be achieved?
The public MUST DEMAND!!!!! newspapers, radio, internet every [possible outlet, this is a one way street, down side is WHAT MONEY?
Government, plans, reports, explanations usually obtuse, there must be an other voice, to condense and force the Government to be more precise.My feeling is, the few neutral observers living in Guyana will be accused of having a bias, so it might be better to have Guyanese living abroad, better at arms length.(Remember Guyana brought in Caricom, no honest people at home???)
The Government and the Opposition have an innate drive for survival, tending to their base is a must for them, an oversight commission can help to widen their focus, for the better of all Guyanese.
Question on Quora: Why do Norwegians say they live in the richest country on Earth?
1. World Bank is ranking Norway as the richest country in the world. The World Bank based its ranking on wealth per capita and thus beat out Qatar, which earlier held the top spot.
2. Norway is the only country in the world without external/foreign debt (World Bank).
3. No state during history has been rich as Norway.
4. Norway has the biggest and best managed sovereign wealth fund in the world. USD 260.000 is already saved for each citizen.
5. Norway has been the most prosperous country in the world the last 15 years.
6. Norway is the most developed democracy in the world.
Guyana could be there in ten years, if manages its oil revenue as wisely as Norway has done.
Guyana, yes we can! 🙂
Question on Quora: Why do Norwegians say they live in the richest country on Earth?
1. World Bank is ranking Norway as the richest country in the world. The World Bank based its ranking on wealth per capita and thus beat out Qatar, which earlier held the top spot.
2. Norway is the only country in the world without external/foreign debt (World Bank).
3. No state during history has been rich as Norway.
4. Norway has the biggest and best managed sovereign wealth fund in the world. USD 260.000 is already saved for each citizen.
5. Norway has been the most prosperous country in the world the last 15 years.
6. Norway is the most developed democracy in the world.
Guyana could be there in ten years, if manages its oil revenue as wisely as Norway has done.
Guyana, yes we can!
Norway is “older and more experienced” it would appear to be the best model to follow. Was the question asked of the government, why not Norway? There are a few similarities Guyana has with Norway, except one, very important being priority consideration for Winter (non existent), Guyana has smaller population, access to product, better suited for mass solar introduction, and massive additional/alternate energy source,natural Hydro. Golden opportunity for win win.
More questions than answers.