Guyana, the South American country, has emerged on the global energy map as a promising new player, after the discovery of huge quantities of oil on its territory in 2015.

Expectations indicate that Guyana is on its way to joining the list of major oil producers in the world during the middle of the next decade. Which will cause a massive economic revolution in the country. Expectations also indicate that Guyana's oil exports will triple by 2030, reaching $33 billion, compared to $11 billion in 2023. Oil is likely to become the main source of the national economy; It contributes more than 90% of the gross domestic product before the end of the current decade.

The American company ExxonMobil is the main driver behind the oil boom in Guyana. It first discovered the presence of oil in the country in 2015. The company aims to increase production to 1.2 million barrels per day by 2028.

The Stabroek offshore field is home to the largest oil discovery in the world over the past decade. It contains 11 billion barrels of oil. Recently, ExxonMobil announced its new mega project, “Webtail,” to develop the sixth oil field in Guyana, at an estimated cost of $12.7 billion.

The project is expected to contribute to increasing production by 250,000 barrels per day by 2027. This will enable Guyana to overtake Venezuela as the largest oil producer in Latin America.
Guyana's rise as a rising oil power faces some challenges, most notably the lack of qualified personnel to manage the growing hydrocarbon sector. The country is also facing a border dispute with neighboring Venezuela, which demands the annexation of the resource-rich Essequibo region.

Despite the challenges, forecasts point to a promising future for Guyana. As oil discoveries continue and production increases, the country is in a position to attract foreign investment and create new job opportunities. Guyana's oil wealth is key to achieving economic development and prosperity in the coming years.