Guyana greenlights $12 bn oil development plan

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Guyana greenlights $12 bn oil development plan

Guyana greenlights $12 bn oil development plan
by AFP Staff Writers
Georgetown, Guyana (AFP) April 26, 2023

Guyana has approved a more than $12 billion investment proposal by a US and Chinese consortium seeking to develop an offshore oil field, Vice President Bharrat Jagdeo said Wednesday.

The consortium is led by ExxonMobil, and includes the China National Offshore Oil Corporation and Hess Corporation, another American company.

The investment plan was approved "after vigorous analysis by external consultants and the documents would be made public as we have done with all of the other licences," Jagdeo told AFP.

Of the $12 billion-plus that the consortium wants to spend, he said: "That's a massive investment in our country."

At stake are deep-water oil fields called Uaru, off the coast of this small country on the northeast coast of South America. The deposits were discovered in 2020 and 2021.

The consortium has said the fields could eventually yield around 250,000 barrels of oil per day.

With a population of just 800,000, Guyana boasts among the world's largest per capita oil reserves.

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