Guyana: 1.3 billion barrels in ExxonMobil offshore oil field

By BERT WILKINSON
The Associated Press

GEORGETOWN, Guyana (AP) — The government of Guyana says there’s 1.3 billion barrels of recoverable oil reserves in another major field off its shores. Once developed, it could bring $1.6 billion in revenues to the South American nation, plus 2% royalties thereafter. This would be the fifth field in Guyanese waters developed by a consortium led by ExxonMobil. The companies already identified 10 billion barrels of recoverable oil in their licensed patch of the Guyana-Suriname basin. There’s an oil rush happening in these Caribbean waters that promises to transform two small South American nations into some of the world’s largest fossil-fuel producers.