Editor’s note: This article was updated on Jan. 27, 2020
Guyana is a small South American nation known for its lush forests, which cover most of the country. But in recent years, it’s created enormous buzz in the energy industry thanks to several major offshore oil discoveries.
Since 2015, ExxonMobil has discovered the equivalent of more than 8 billion barrels of oil below the surface, about 120 miles off the coast. That’s enough oil to meet the needs of a country the size of France for more than a decade.
The first development of these discoveries, known as Liza Phase 1, achieved first oil in December 2019 and is expected to produce up to 120,000 barrels of oil per day.
The center of this development is the Liza Destiny FPSO (floating, production, storage and offloading) vessel. It will draw the crude oil from below the ocean floor, process it, store it and offload it to awaiting vessels, where it will be shipped to global markets.
Guyanese businesses and workers are taking advantage of the opportunities brought about by the development of their country’s resource. Students and others are training for new jobs that will come with the development.
Other developments, currently in the planning stages, will continue to offer new opportunities and economic progress across the country.
Keep scrolling to learn more about Guyana.