Guyana’s Oil Riches Are Transforming Its Economy at Breakneck Speed

Guyana is starting to see significant profits from its rapidly expanding oil operations, with much more expected to come. Oil was first discovered in the offshore Stabroek Block in 2015, with development commencing soon after, and production starting in December 2019. This has transformed Guyana into South America’s third-largest oil producer, after Brazil and neighbouring Venezuela. Guyana’s oil production could surpass one million bpd by the end of the year, with crude output already exceeding 900,000 bpd, according to Guyana’s…