The tiny South American nation of Guyana is poised to become one of the leading offshore drilling jurisdictions in South America. Global energy supermajor Exxon, has established a dominant foothold in offshore Guyana, acquiring a 45% interest in the 6.6-million-acre Stabroek Block, with partner Hess holding 30% and Chinese national oil company CNOOC controlling the remaining 25%. Exxon has made a series of large high quality oil discoveries in the block. The latest was the September 2020 Redtail discovery which saw Exxon revise upwards its oil resources in offshore Guyana, stating that it had more than eight billion barrels of recoverable oil resources in the Stabroek Block. Since then, Exxon’s Liza Phase 1 project, which commenced production in December 2019, reached full capacity pumping 130,000 barrels per day. Exxon is currently developing the Liza Phase 2 and Payara projects. It is anticipated that Liza Phase 2 will come online […]