Infographic: Guyana's oil boom leads to producer scramble for space

Guyana’s offshore oil sector is booming, with over 11 billion barrels of oil equivalent of resources discovered so far, and an ExxonMobil-led consortium advancing what could prove to be its seventh development in the region.

Production is expected to reach roughly 620,000 b/d once the Payara field reaches maximum capacity and exceed 1.2 million b/d by 2028.

With output rising, spot markets have developed, most recently for Payara, which started producing in mid-November. European refiners have been increasingly turning to Guyana’s crude grades, which also include Liza and Unity Gold, offering some competition to local grades, specifically Norway’s Johan Sverdrup crude.

Read more: Guyana partners probe Fangtooth area as next possible Stabroek oil development(opens in a new tab) (subscriber content)

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