Guyana, virtually unknown in the global oil and gas industry just 6 years ago, is now a much talked about up-and-coming oil producer who by the end of the decade will be among the top players in the Latin America/Caribbean region.
Time to act is now for Latin America oil producers, newcomer Guyana in position to soar
Since ExxonMobil struck black gold off the country’s coast at the Liza field in 2015, the country has been steadily building capacity to service the offshore operations, and now that is beginning to pay off. All of the major international oilfield service companies supporting the offshore exploration and production activities have already set up operations in the country and are moving to expand them.
“With continued progress and a focused long-term, strategic and collaborative approach, Guyana can become a regional source for expertise and support in the oil and gas industry,” ExxonMobil Guyana Production Manager, Mike Ryan, told those gathered at the opening of the ChampionX storage facility on the outskirts of Georgetown, last week. “This is a significant step in our bid to advance local content development by ensuring that the people of Guyana are integrally involved as we continue to develop the country’s resources.”
ChampionX is a global leader in chemistry programs and services, artificial lift solutions, automation and optimization equipment, and drilling technologies for the upstream and midstream oil and gas industry. One of the company’s offshore laboratory technicians, Guyanese, Shivnarine Outar, tested the first drop of oil from the Liza field onboard the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel.
“I am confident as the Champion X team grows with the local workforce, more Guyanese will see the benefits of the growing industry on both an economic and personal level. The ripple effect of this base being here will extend to utilizing more local services and more local hires,” Ryan said.
Luiz Hayman, Senior Analyst for the Latin American region at Wood Mackenzie has said that based on the rapid production ramp up in Guyana, the country is on track to be the fourth largest producer in the region but can potentially catapult to the number 2 position, after Brazil.
Guyana will become just the 11th nation in history to reach million barrel a day milestone – WoodMac
“Depending on how Mexico and Venezuela perform the next five years, before the end of the decade Guyana could become the second largest producer in Latin America,” he said.
