Speaking at a recent mining conference in Canada, Minister of Finance Winston Jordan projected that by the late 2020s, Guyana could be producing one million barrels of oil per day.
According to a press release from the Guyana Office for Investment (GO-Invest), Jordan told the Prospectors and Developers Association of Canada Convention (PDAC) held from 4-7 March in Toronto that while first oil in the first quarter of 2020 is expected to be 120,000 barrels per day this figure could reach 500,000 barrels by 2025 and up to one million by the late 2020s. He pegged the recoverable oil reserves at 3.7 billion barrels.
The last figure given by ExxonMobil for recoverable oil offshore was 3.2b. Since that figure, it made a seventh major find at the Pacora-1 well. That find added to previous discoveries at Liza, Payara, Snoek, Liza Deep, Turbot and Ranger-1.
The Minister’s