Guyana considers creation of state-run oil company. Guyana President: diversifying Guyana’s economy is crucial. Guyana will look for a “strategic partner” to run a state-run oil company. The world’s newest offshore oil player, Guyana, is considering making a big move—one that could sideline Exxon from bidding on further exploration areas, Vice President Bharrat Jagdeo said at the BNEF Summit in New York on Tuesday. The news comes as Vice President Bharrat Jagdeo said that the nation’s oil wealth poses a risk, and that diversifying the fastest growing economy in the world would be critical. It also follows Exxon’s FID for an additional $10 billion on its Yellow Tail project, which should start producing in 2025 with a production of 250,000 bpd—Exxon’s largest Guyanese project to date. Guyana is now planning the next round of oil licensing, with decisions on the licensing process expected by September, but Guyana has had […]