Pronouncements as to just where Guyana’s oil and gas industry is heading and just how long it will take for the country to leave a significant footprint on the sector as big as at least some of the members of the Organization of Petroleum Exporting Countries (OPEC) continue to flow thick and fast even as ExxonMobil continues to ramp up the country’s oil production levels.
Late last week the online oil and gas Information and Resource Centre created to publicize the work of stakeholders in the local oil and gas sector made yet another intriguing disclosure regarding where the industry could be headed.
Late last week, quoting from a pronouncement by the Washington-based public policy and resource organization, American Security Project (ASP) OilNow reported that current estimates that over the next ten years Guyana’s oil production could reach as high as 750,000 barrels per day could be a considerable underestimation. Moreover the fact that almost all of the country’s reserves are likely to be “light sweet crude” positions it to do even better in terms of earnings from the resource than current analyses suggest.
