South America / GoM

Guyana flag
Summary | Profile

Country profile: Guyana

Location: Northern South America, bordering the North Atlantic Ocean, between Suriname and Venezuela
Climate: tropical; hot, humid, moderated by northeast trade winds; two rainy seasons (May to August, November to January)
Terrain: mostly rolling highlands; low coastal plain; savanna in south
Size: 214970 sq. km total (Land area: 196850 sq. km  Water area: 18120
Population: 770,794
Languages: English, Amerindian dialects, Creole, Caribbean Hindustani (a dialect of Hindi), Urdu
Government: republic
Capital city: Georgetown
Legal system: based on English common law with certain admixtures of Roman-Dutch law; has not accepted compulsory ICJ jurisdiction
Currency: Guyanese dollar (GYD)

Country profile

Regional leaders created the Economic Community of West African States (ECOWAS) on May 28, 1975 in Lagos, Nigeria. ECOWAS is comprised of 15 countries, which include: Benin, Burkina Faso, Cape Verde, Cote d’Ivoire , The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria , Senegal, Sierra Leone, and Togo. The leaders established ECOWAS to promote regional integration and economic growth in West Africa, as well as to create a monetary union in the region. However, ECOWAS has encountered problems in the process of regional integration including: political instability and lack of good governance that has plagued many member countries, the insufficient diversification of national economies, the absence of reliable infrastructure, and the multiplicity of organizations for regional integration with the same objectives. Originally a Dutch colony in the 17th century, by 1815 Guyana had become a British possession.

The abolition of slavery led to black settlement of urban areas and the importation of indentured servants from India to work the sugar plantations. This ethnocultural divide has persisted and has led to turbulent politics. Guyana achieved independence from the UK in 1966, and since then it has been ruled mostly by socialist-oriented governments. In 1992, Cheddi JAGAN was elected president in what is considered the country's first free and fair election since independence. After his death five years later, his wife, Janet JAGAN, became president but resigned in 1999 due to poor health. Her successor, Bharrat JAGDEO, was reelected in 2001 and again in 2006.

Energy production and consumption

Oil Gas
Consumption: 10,500 bbl/day (2005 est.)  
Imports:  bbl/day (2005 est.)  
Major fields:

Guyana - recent news

08 Sep 20
Guyana: ExxonMobil announces Redtail discovery offshore Guyana
ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well which will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block. The well is located approx. 1.5 miles (2.5 kms) northwest of the Yellowtail discovery.
02 Mar 20
Guyana: Ocean Infinity awarded contract with ExxonMobil for data acquisition offshore Guyana
Ocean Infinity, the next generation subsea marine robotics company, has been awarded a contract with ExxonMobil for high-resolution Autonomous Underwater Vehicle (AUV) geophysical and geotechnical data acquisition within the Stabroek block offshore Guyana.
12 Feb 20
Guyana: Noble Corporation announces drilling services agreement with ExxonMobil in the Guyana-Suriname Basin
Noble Corporation and ExxonMobil have announced the execution of a unique commercial enabling agreement for drilling services in the Guyana-Suriname Basin. The ultra-deepwater drillships Noble Bob Douglas, Noble Tom Madden and Noble Don Taylor, which are currently executing drilling assignments for ExxonMobil offshore Guyana, are included in the framework agreement, and other drilling rigs may be added to the agreement.
04 Feb 20
Guyana’s GDP to skyrocket in coming years as oil output gathers momentum - Rystad Energy
Oil production estimated at 1.2 million barrels per day by 2030, Guyana’s total annual oil revenues could approach USD30 billion within 10 years, according to fresh research by Rystad Energy.
03 Feb 20
Guyana: Eco (Atlantic) Oil & Gas announces results of new CPR on Tullow-operated Orinduik Block, offshore Guyana
Eco (Atlantic) Oil & Gas has announced the publication of an updated Competent Persons Report ('CPR') on the Tullow-operated Orinduik Block offshore Guyana, which shows a 29 percent increase in Gross Prospective Resources P50 (Best) to 5,141 MMBOE.

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