Revenue generated from the local oil and gas sector is expected to catapult Guyana to the ranks of wealthiest countries in the Western Hemisphere, thereby increasing the government’s fiscal space to invest in initiatives geared at expanding the economy and improving the overall welfare of citizens.
In painting a vivid image of what is expected from the oil and gas sector in the near term, Guyana’s President Dr. Irfaan Ali said that by 2025, operating cash flow, based on total investment, is expected to reach US$3.5 billion.
The performance of this sector is expected to improve even further as the years go by, since the success rate is 80 per cent and there are already 26 commercial discoveries.
ExxonMobil’s first offshore Guyana project, Liza Phase One, began producing in late 2019, well ahead of the industry’s average for development time. Liza Phase Two remains on track to begin producing oil by early 2022.
