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Guyana has become a major driver of global oil supply growth

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Data published by the U.S. Energy Information Administration this week showed that Guyana had the third-fastest production growth rate globally, after the United States and Brazil.

Between 2019, when oil production began in the tiny South American country, and 2023, output grew at an average annual rate of 98,000 barrels daily, taking the total from zero to 645,000 barrels daily last year.

All of Guyana’s oil currently comes from the Stabroek Block, which is operated by a consortium of Exxon, Hess Corp., and China’s CNOOC. Since the start of their operations there, the three have made 30 discoveries, tapping over 11 billion barrels in reserves. Production from the Stabroek Block is seen by Exxon reaching 1 million barrels daily in 2027.

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