Guyana’s windfall from oil production is not fake news – US Ambassador

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United States Ambassador to Guyana, Perry Holloway, speaking at the GTT Innov8 Summit on a panel focusing on oil & technology. March 27, 2018.

United States Ambassador to Guyana Perry Holloway on Tuesday told an oil and gas forum that Guyana is set to receive significant revenue  when oil production begins in 2020 and this “is not fake news.”

The US Ambassador vigorously outlined a number of points to emphasize that Guyana’s place on the global map as a petroleum producer is significant and that this will catapult it to the group of top 30 producers in the world.

“Guyana, already with the 3.2 billion barrels of confirmed reserves…puts Guyana in the top 30 in terms of barrels of oil per capita. In my calculation we have 4,266 barrels per Guyanese is already confirmed out there to be taken out of the ground starting in 2020,” he stated.

The plan to ramp up production by the mid-2020s to approximately 500,000 barrels per day with multiple developments is “truly amazing” he said.

In addition to the Liza 1 development, ExxonMobil Guyana is currently seeking Environmental Authorization for Liza 2 to begin in 2022. Additionally, Jeffrey Woodbury, Exxon Mobil Corporation’s Vice President of Investor Relations and Secretary, recently told investors during a conference call that the plan is to move to a 3rd development at the Payara field by 2023. These combined developments will push production to around the 500,000 barrels per day mark.

“Guyana, if it does get to 500,000 barrels will be in the top 30 of oil producers in the whole world,” Mr. Holloway stressed.

Liza 1, pegged at around 100,000 to 120,000 barrels per day, the Ambassador said, will produce more oil daily than all of Trinidad and Tobago’s wells combined, produce in one day. “So this is not something that is insignificant, this is not fiction, this is not fake news. How anyone can believe that much oil is not going to generate revenue for the country, I don’t know.”

The Innov8 Summit panel discussion on oil & gas technology.

Mr. Holloway was at the time speaking at GTT’s Innov8 Summit on a panel focusing on Oil and Technology.  Other members of the panel were British High Commissioner, Greg Quinn, ExxonMobil Guyana Country Manager, Rod Henson, Colin Laird, CEO XL Group and Justin Nedd, GTT CEO. The panel was moderated by OilNOW co-owner, Christopher Chapwanya.

1 COMMENT

  1. Guyana`s windfall! I wonder how many Guyanese would benefit from this WINDFALL who are going to manage this and what about the environment who is looking into this.
    With a population of 781 000 every Guyanese should become rich citizens with the amount of oil that would be extracted.

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