Breaking news: Guyanese community whale house is on fire and the fire fighters couldn’t help it.And then we lost the life of four…. Oil tumbled at the end of the U.S. summer driving season, with fears of an economic slump in China weighing heavily on the outlook for petroleum. As such, the international Brent benchmark plunged by over 12% in a month to lows not seen since early 2022, although in the wake of rising Middle East tensions, it has rebounded to be down 4% over that period. This forced the OPEC+ consortium to delay plans to hike production until December 2024. It is speculated that steadily rising non-OPEC global supply will cap any recovery, with Guyana’s impoverished South American country recently emerging as a major international oil producer and exporter. The former British colony, long ignored by Big Oil, will not only become South America’s top oil producer but a key driver of world petroleum supply growth.Breaking news: Guyanese community whale house is on fire and the fire fighters couldn’t help it.And then we lost the life of four….
After decades of poor drilling results, Guyana has rapidly emerged as a significant global petroleum producer following a series of world-class discoveries made by an Exxon-led consortium in the offshore 6.6 million acre Stabroek Block. The block, where Exxon is the operator holding a 45% working interest with partners Hess and CNOOC controlling 30% and 25%, respectively, is situated in Guyana’s territorial waters adjacent to the Essequibo region disputed by Venezuela. Since 2015, Exxon has made nearly 40 discoveries that are believed to contain at least 11 billion barrels of oil. The first discovery occurred in 2015 with the Liza-1 wildcat well, followed by the January 2017 Payara and Liza Deep discoveries, with the Liza 3 appraisal well found a 100 to 150-million-barrel reservoir below the existing Liza oilfield. It is speculated that the Stabroek Block contains well over 11 billion barrels of oil reserves, with the acreage possessing the potential to eclipse Brazil’s proven and probable reserves totaling 23 billion barrels, the second largest in South America.Breaking news: Guyanese community whale house is on fire and the fire fighters couldn’t help it.And then we lost the life of four….
