Caribbean News

Guyana oil industry to grow to over 1 Million Barrels a Day

Published

12 months ago

May 5, 2023

Deandrea Hamilton

Rashaed Esson

Staff Writer

#Guyana, May 5, 2023 – Guyana’s oil industry is expected to see massive growth from 380,000 barrels per day to over 1,100,000 by mid-2027 due to the newly approved ExxonMobil Uaru Field Development Plan, a multi-million dollar investment.

The Uaru project values approximately US$12.683 billion and it is expected to produce 812 million barrels of oil for the first 20-year license period (the Uaru Petroleum Production license was issued with the plan approval), with 44 wells, 21 producers and 23 water and gas injectors.

Additionally, as highlighted by a report from the Department of Public Information (DPI), the project will rank Guyana higher in the oil industry as one of the only 11 countries globally that is producing more than one million barrels of oil daily.

ExxonMobil has had a long-term commitment to sustainable economic growth in Guyana and according to Liam Mallon, President of ExxonMobil Upstream Oil and Gas, their investment in the island demonstrates said commitment.

“Our Guyana investments and unrivaled development success continue to contribute to secure, reliable, global energy supplies at this critical time,” he said.

The Uaru Project is Exxon’s fifth multi-billion dollar investment in Guyana, and is now the fifth approved production operation for offshore Guyana within the Stabroek Block, the 6.6 millionaire offshore oil reservoir off the island’s Atlantic Coast.

Related Topics:#DPI #exxonmobil #guyanaoilindustry #liammallon #magneticmedianews #stabroekblock #Uaruproject

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Guyana’s financial support for Palestine

Published

12 hours ago

April 27, 2024

Shanieka

Rashaed Esson

Staff Writer

#Palestine#Guyana, April 24, 2024 – A cheque of over GY$110 million which is USD$500 thousand, was presented to President Irfaan Ali, at a handover ceremony on April 23, in support of Palestine for Humanitarian efforts, according to reports.

The money, raised by Muslims and non Muslims, comes after an appeal by the National Ramadan Village during the month of Ramadan.

It will be sent to the United Nations Relief and Works Agency for Palestine refugees (UNRWA) to help the victims of the ongoing war.

Caribbean News

Jamaica New Rui destination

Published

12 hours ago

April 27, 2024

Shanieka

Rashaed Esson

Staff Writer

#Riu#Jamaica, April 25, 2024 – Jamaica’s tourism product is being enhanced with a new all inclusive Riu Resort called the Riu Palace Aquarelle, scheduled to open on May 4 at White Bay Beach in Falmouth. As reported by Caribbean Journal, the destination will house 750 rooms and will promote the country’s green transition, having 800 solar photovoltaic panels, saving up to 10 percent of the hotel’s energy use.

Caribbean News

Royal Caribbean Cancels Haiti Trips

Published

13 hours ago

April 27, 2024

Shanieka

Rashaed Esson

Staff Writer

#Haiti#RoyalCaribbean, April 26, 2024- Royal Caribbean has decided to cancel all of its trips to Labadee, a popular destination in Haiti due to the worsening crisis, putting further strain on the country’s tourism sector. Cancellations were initially set to last until mid March but now they have been extended through the summer into September, according to a post by Royal Caribbean. A spokesperson for the organization is reported saying the Global Security and Intel team is monitoring the situation in Haiti, further expressing that the cancellations come as the safety and security of its guests are top priority.