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Guyana’s oil per capita to eclipse Middle Eastern oil producers – consultant

…says Guyana could end up being last major new oil producer

Guyana could be the last of the new major oil producers

Wood Mackenzie, a United Kingdom-based global energy consulting group, believes that Guyana’s oil production per capita ratio, that is oil relevant to the population, is on track to eclipse even some of the leading oil-producing countries from the middle east.
According to the consultancy group in a recent publication, Guyana’s current phased oil development is expected to reach over 1.1 million barrels of oil per day (bopd) by 2028. This, in a country with just 800,000 people, will make Guyana a per capita richer country than even the leading oil producers in the middle east.
“Our analysis models almost 6 billion barrels of oil. First production was achieved in December 2019, only five years after the initial discovery. The phased development will lift output to over 1.1 million b/d by 2028, and Guyana will become just the 11th nation in oil’s history to reach the million b/d milestone,” the group revealed.
“The giant oil fields will deliver untold riches to this nation of only 0.8 million people. Guyana will, as output builds, rise to be king of the heap. Production per capita will eclipse even that of the leading Middle East producers, Kuwait, UAE (United Arab Emirates) and Saudi Arabia,” the group said.
Wood Mackenzie included charts comparing projected production figures in Guyana and its middle eastern counterparts. For instance, where Guyana is projected to have 500 barrels of oil per capita in 2027, Kuwait lags some way behind with 300 barrels per capita.
In the UAE the figure is just shy of 200 barrels per capita, while in Saudi Arabia it hovers around 120 barrels per capita. The figures for both Libya and Iraq are projected to be beneath 100 barrels of oil per capita by 2027.
What’s more, Wood Mackenzie noted that Guyana’s oil is mostly light and in keeping with the market’s increasing need for oil that is low in carbon. This means that when it comes to refining, Guyana’s oil would be low cost.
“The country’s economy will be transformed. Annual capital expenditure on the project will average US$4 billion a year this decade – the same as 2019 GDP (Gross Domestic Product). Much will be spent on production equipment outside Guyana, but considerable investment will flow into infrastructure onshore and offshore to support the growing oil industry,” Wood Mackenzie stated.
However, the consultancy group noted that Guyana could very well be the last major new oil producer, in a world moving increasingly towards renewable energy and alternatives to fossil fuels.
“Guyana may well be the last new major oil-producing nation. What’s important now is that critical lessons are learned from those who have gone before. There’s a long list of developing countries, including some in Latin America, which have struck black gold and failed to make the most of it, suffering what economist Richard Auty called ‘the resource curse’.”
Guyana, with US oil giant ExxonMobil as the operator, began producing oil on December 20, 2019, in the Stabroek Block. Guyana’s oil revenues are being banked in the New York Federal Reserve Bank, where it is earning interest.
To date, the country has received payments for five lifts of oil. The most recent payment was made earlier this month for a 997,420-barrel oil lift in February from Liza Destiny. That lift was valued at US$61 million, taking the total amount received at the time for Guyana’s share of oil to US$246.5 million. Inclusive of royalties, the total in the Natural Resource Fund account stood at US$267.6 million.
The Natural Resources Ministry reported that Guyana received its first payment of US$54.9 million for an oil lift dated February 19, 2020. Guyana’s second lift, on May 21, 2020, was valued at US$35 million. The third lift, which occurred on August 9, 2020, was valued at US$46 million, while the fourth lift occurred on December 9, 2020, and came in at US$49.4 million in value.

https://guyanatimesgy.com/guya...roducers-consultant/

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That's a lot of money received.

This, in a country with just 800,000 people, will make Guyana a per capita richer country than even the leading oil producers in the middle east.

Exxon/mobile should be given credit for making Guyana this rich.

Oil has been found on Dauntless Island in the Atlantic Ocean off the Essequibo River. Shell Antilles declines to drill for oil because the water and winds were too fierce in that region.

R
@Ramakant-P posted:

That's a lot of money received.

This, in a country with just 800,000 people, will make Guyana a per capita richer country than even the leading oil producers in the middle east.

Exxon/mobile should be given credit for making Guyana this rich.

Oil has been found on Dauntless Island in the Atlantic Ocean off the Essequibo River. Shell Antilles declines to drill for oil because the water and winds were too fierce in that region.

Where is Dauntless Island ,Guyana ?

Django
Last edited by Django
@Ramakant-P posted:

That's a lot of money received.

This, in a country with just 800,000 people, will make Guyana a per capita richer country than even the leading oil producers in the middle east.

Exxon/mobile should be given credit for making Guyana this rich.

Oil has been found on Dauntless Island in the Atlantic Ocean off the Essequibo River. Shell Antilles declines to drill for oil because the water and winds were too fierce in that region.

The Island may be Dauntless but not Shell! Yuh tink dem schoopid, nuh? Dem no Kant!

Say, Kant, why yul alwayz kuntin yuh chikinz befo de hen evun lay de hegg?

FM
Last edited by Former Member
@Django posted:

I have known it as Leguan Island,the northern point of the island is an area called dauntless.

Datz whut cayn sed, janglin wun! Iz whuh yuh waant spektifficitee? Deze kuntree bai dem soe fussee!

FM
Last edited by Django
@Ramakant-P posted:

The Island is in the Atlantic Ocean directly opposite the mouth of the Essequibo River.

It's the bottom tip of Leguan. I went there to catch crab, just put down a bottle lamp and they come towards the light. You can full a rice bag in half hour. You can see it on a clear day from Uitvlugt Koker.

K
Last edited by kp
@kp posted:

It's the bottom tip of Leguan. I went there to catch crab, just put down a bottle lamp and they come towards the light. You can full a rice bag in half hour. You can see it on a clear day from Uitvlugt Koker.

I am talking about an Island named Dauntless.

R
@kp posted:

It's the bottom tip of Leguan. I went there to catch crab, just put down a bottle lamp and they come towards the light. You can full a rice bag in half hour. You can see it on a clear day from Uitvlugt Koker.

Yuh go too far! Rite in Jargetung yuh kyan kyatch crab! Dem duz dryv yuh crazee wit itchin though! Yuh gyaffa uze de Blu butta fuh.kyatch dem!

FM
Last edited by Former Member
@Former Member posted:

Yuh go too far! Rite in Jargetung yuh kyan kyatch crab! Dem duz dryv yuh crazee wit itchin though! Yuh gyaffa uze de Blu butta fuh.kyatch dem!

So true. De Bank Manager took one of the young Tellers out for lunch and he came back with crabs on his moustache.

Mitwah
@kp posted:

It's the bottom tip of Leguan. I went there to catch crab, just put down a bottle lamp and they come towards the light. You can full a rice bag in half hour. You can see it on a clear day from Uitvlugt Koker.

Dauntless Bank ,check link

https://www.google.com/maps/pl...d6.9497222!4d-58.355

Django
@Former Member posted:

Yuh go too far! Rite in Jargetung yuh kyan kyatch crab! Dem duz dryv yuh crazee wit itchin though! Yuh gyaffa uze de Blu butta fuh.kyatch dem!

I would like to reply, but honestly, I don't understand. I hope someone else do.

K
@Django posted:

Where is that island in Guyana ? check the link and point it out.

https://www.google.com/maps/@6...3147,-58.5225155,11z

GDF, Police go out to ship on fire at Point Dauntless in EssequiboRiver
news-default

POLICE at Leguan, late yesterday responded to a call received from residents of that island in Region Three (West Demerara, Essequibo Islands) that a ship out at sea was on fire, and that crew members and possibly passengers might have been in trouble.

The call was received by Leguan Police around 5:45 hrs, and was relayed to other police stations and the Leonora Fire Station. Within minutes a convoy of police ranks and firefighters was hurriedly deployed to Parika where it was joined by Guyana Defence Force Coast Guards and they headed out towards the troubled crew.

Later, it was not clear whether the ship in distress was Guyana-owned or a foreign vessel, and whether there were passengers aboard or only crew members.

However, this newspaper last night spoke with Lighthouse Harbour Port Control Officer, Arlin Lewis, who confirmed that a vessel (about the size of a trawler) was on fire.

Lewis said information received was that it was a fuel boat, and after running into trouble, it had anchored at Point Dauntless in the Essequibo River.

The good news, he said, was that the flames had been contained to one part of the vessel and had not spread all over, and that a fishing boat had gone to its rescue. However, port authorities could not say whose ship it was, the name of the vessel, or its captain, or how many crew members were on board.

The Lighthouse official said that it appeared to them that the boat either had no transmitting set, or that if there was one, it was not working, since the Lighthouse had been continuously calling and getting no signals.
“Meantime, we are continuing our attempts to make contact with the ship, and hoping we would get a response,” Lewis said.

K
@kp posted:

I would like to reply, but honestly, I don't understand. I hope someone else do.

Yuh inacent, lil bai! Jus go dung Tigah Bay an Leh dem cheep hoarz sel yuh sum! Onlee two hundred Dollah! Yuh gun enjai dem, too! Dem prapa sweet, sweet, sweet! Speshullly wen dey staat bitin yuh! Sumbaddee Tek e deh!

FM
@Former Member posted:

JaJjango, yu two krewil tuh de Kant!

I'm still wondering if the importation of refined oil products will continue, while we pursue this gas-to-shore dream! Sell oil cheap and import more expensive refined oil products! Jobs for those countries that have refineries! Will the cars and trucks run on natural gas? Who will pay for the conversion? But perhaps they could run on unreliable solar or wind power, huh? Or even Jagdeo's reliable hot air!

Oil has ever been a weapon, in both war and peace!

Does anyone remember the oil embargo of the 1970s? Why should any of you? You've now got oil!

Seems more like oil has you!

FM
Last edited by Former Member

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