Oil Discoveries Made Guyana The World’s Fastest-Growing Economy | OilPrice.com

during 2022. This will deliver considerable benefits for the country of around 800,000, which has long been one of the poorest countries in South America. Both Georgetown and international organizations believe if appropriately managed, Guyana’s monumental oil boom will lift the former British colony out of poverty, making it one of the richest, and potentially the richest, countries in Latin America and the Caribbean.

There is the possibility that Guyana’s GDP will expand at an even greater clip than forecast by the IMF because investment in the former British colony’s offshore oil boom is growing rapidly. Those significant investment inflows, projected to be at least $7 billion for 2023, will drive further oil discoveries, the development of additional petroleum projects and ultimately higher oil production.

In 2019, Tullow Oil announced a discovery in the Orinduik Block, where it is the operator with a 60% interest, with Eco Oil and Gas controlling 15% and a joint venture between TotalEnergies and Qatar Petroleum holding the remaining 25%. That discovery was found to be heavy sour crude oil, which at the time was deemed non-commercial due to weak oil prices, although during 2022, the commercial potential of the find was reevaluated as petroleum prices soared. Orinduik is estimated to contain 5.

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