Guyana's Emerging Oil Industry

Guyana has rapidly transformed from a little-known region to a significant player in the oil market, with ExxonMobil leading the charge. The country, which was previously producing no oil, is now on track to produce 1.4 million barrels per day within five years, surpassing some established oil-exporting countries. This surge in production presents a substantial shift for energy security, particularly for nations in the Eastern Hemisphere grappling with volatility in Russian oil supplies due to ongoing sanctions related to the Ukraine conflict. The quality of Guyanese oil—a medium sweet blend—aligns well with European refinery capabilities, making it an appealing alternative as Europe seeks to lessen its dependence on Russian crude.