A small South American country, Guyana is home to a population of just over 800,000 people. However, it has come out as one of the most exciting spots for oil plus gas undersea exploration and production. This newfound energy potential is indeed changing the nation’s economic spheres— leading to global attention being attracted towards them. By 2024, the offshore oil reserves of Guyana are estimated at more than 11 billion barrels— which makes it one of the largest finds in recent years (notably within the past decade).
In this blog post we will take an in-depth look into Guyana’s subsea oil and gas sector: studying its quick growth, technological details it has adapted or developed, economic effects (both current and potential future impact) along with what prospects lie ahead down the road for this sector within the country.
The underwater oil and gas field in Guyana is seeing amazing advancements. It’s now easier and cleaner to get resources from deep water. Technology like 3D-data imaging, self-moving underwater vehicles (AUVs), and remote vehicles (ROVs) have changed the way we explore and produce.
ROVs are like remote-controlled underwater robots. They check, fix, and work on underwater structures. These useful machines can do tough jobs like connecting pipes, setting up underwater gear, and doing safety checks. We don’t need people to dive into dangerous waters as much because of ROVs, making the work safer.
The application of 3D seismic imaging technology has a high significance in mapping the offshore geology of Guyana’s underwater blocks. It reveals clear pictures of what lies beneath the earth surface which helps in recognizing locations where oil might be found more clearly. This innovation, therefore, lowers the risks related to drilling and worsens chances for successful oil production since it decreases fine chances.
AUVs play a major role in carrying out the survey and monitoring of the underwater environment. These autonomous robots use high-tech sensors and cameras that enable them to work at significant depths— where they obtain important data about the topographic structure of the sea bottom, sediment composition, and any dangers that might be present. The development of AUVs has greatly enhanced the productivity and safety of subsea exploration activity in Guyana.
The introduction of subsea oil and gas development has helped to drive the economy significantly. It is now an undeniable fact that Guyana has seen its GDP growth rate surge largely due to substantial contributions from the oil sector. The country recorded a remarkable 25% GDP growth rate in 2023— which was among the highest in the world— thanks to oil. In addition, creation of thousands of employment opportunities through the oil industry, development of local businesses and attracting foreign investments took place.
The oil boom has significantly boosted local businesses in Guyana. For instance, companies offering services like catering, transportation, construction and logistics have seen a surge in demand for their services which has indirectly led to this ripple effect that has helped buoy the economy thus enabling the growth of SMEs and fostering entrepreneurship.
The provision of livelihoods for many families has been made by the subsea oil and gas industry, one of which is Guyanese through a wide variety of job opportunities ranging from engineering and technical positions to administrative and support roles. Many families have secured their sustenance because of this industry. In addition, there have been efforts to establish training programs plus educational initiatives meant to prepare the local labor force with required competencies which marks a growing sector.
The discovery of vast oil reserves has attracted significant foreign investments to Guyana. Major international oil companies, including ExxonMobil, Hess Corporation, and CNOOC, have invested billions of dollars in offshore exploration and production. These investments have not only boosted the country’s economy but also facilitated knowledge transfer and technological advancements.
Economic value plus the contributions made to Guyana as a result of the subsea oil and gas sector must not overshadow the negative impact it has on the environment. This is essential to sustain healthy practices. The authorities have taken measures in cooperation with oil companies and international bodies; but more efforts are required to include sustainable development in their programs.
Guyana is already equipped with strong environmental laws to govern offshore oil and gas production. The areas covered by these regulations include but are not limited to the management of waste, control of emissions, and protection of habitats. Any oil company working in Guyana has to carry out environmental impact assessments (EIAs) and use best practices in minimizing ecological disturbances as required by the law.
The sustainable subsea oil and gas practices are the technologies and strategies that help in reduction of the negative impact on the environment. This involves clean drilling techniques, no flaring or venting, and spilling oil while implementing programs to prevent oil spills. Gyuana prioritizes sustainability to strike a balance between economic growth and environmental preservation.
Environmental protection, indeed, is the maintenance of sustainability in the subsea oil and gas sector through technology and practices that lower the environmental impact. This involves adoption of clean drilling techniques and also avoidance of flaring plus venting of gases in addition to prevention measures for oil spillage. The pursuit of sustainability as a priority objective places Guyana among countries which aim to achieve economic growth while preserving their environment.
Also Read: Occupational Hazards in Oil and Gas Industry Guyana
There’s exciting news for Guyana’s subsea oil and gas industry as it continues to grow. This place is on the brink of becoming a big-time player in the global oil market. Let’s take a look at what’s brewing for Guyana’s underwater oil and gas scene:
Oil production in Guyana? It’s going up, and by a lot. ExxonMobil and their buddies have plans to tap into more underwater fields. They’re aiming for 1.2 million barrels daily by 2027. Now that’s an upgrade! It’s going to push Guyana up the oil producer ladder.
To keep this oil engine running smoothly, a lot of cash is going into building infrastructure. That means pipelines, storage spaces, and places to send the oil from. These changes will make moving and selling the oil easier and cheaper. What a win!
The exploration work in Guyana has not ended. A lot of new offshore blocks are currently being explored and there is a potential for more oil to be found. The government has made efforts to attract new investments and partnerships as a way of ensuring that the unexplored areas realize their full potential.
In addition to the oil sector, Guyana is looking into other opportunities to diversify its energy system. The money earned from oil sales is being plowed back into renewable energy projects — like solar and wind power generation. This new mix of energy development therefore seeks to create a balance in the use of different sources, low reliance on fossil fuel-based energy, and efforts towards the global initiative on climate change.
Also read: Supply Chain Management in the Oil and Gas Industry in Guyana
The realm of subsea oil and gas in Guyana has unmistakably changed the nation’s economy— and only for the better — ushering high growths and prospects unseen before. The triumph of the exploration and production actions have placed Guyana in the first tier among other players in global energy markets. But this tale of success would never have been achievable without partnership, collaboration, combined efforts, and knowledge sharing among different stakeholders who brought their expertise to the table.
Guyana is also a country that has not been left behind on the subsea oil and gas industry as it grows. The GET Global Group is a reliable partner to guarantee development and ensure that this sector acts in a responsible manner to ensure sustainability. Through their efforts, Guyana will soon join the league of global energy powerhouses while drawing the benefits of large subsea oil and gas resources— which includes protecting the environment for future generations.
Visit the website GET Global Group for additional details about GET Global Group and their involvement in Guyana’s subsea oil and gas contributions.
Also Read: Oil and Gas Companies in Guyana
