Welcoming a New Year – 2025

 

2025 heralds a transformative year for Guyana, marking a decade since ExxonMobil’s landmark discovery in May 2015. This year is set to be pivotal with several major projects nearing completion. Notably, the Yellow Tail project, driven by ExxonMobil, plans to establish six drill centres targeting the Yellowtail and Redtail resources. This ambitious project entails drilling 51 wells, consisting of 26 for oil extraction and 25 for water and gas injection.

The FPSO One Guyana, a floating production storage and offloading vessel dedicated to the Yellow Tail project, is expected to arrive in Guyana in the second quarter of 2025. With production slated to start in the latter half of the year, the FPSO is projected to have a capacity of 250,000 barrels of oil per day.

Additionally, 2025 will see the completion of production enhancements on Liza 2, pushing Guyana’s offshore crude oil production capacity to exceed 900,000 barrels per day. The year is also marked by the anticipated commissioning of the US$2 billion Gas-to-Energy project, which aims to address the chronic issue of unstable power supplies that has long plagued the country.

Before we forge ahead into 2025, it’s crucial to acknowledge the remarkable journey that has led to this point. The discovery of oil and gas in Guyana has been a saga of considerable risks, visionary foresight, and steadfast determination, ultimately altering the nation’s fate.

The possibility of petroleum reserves in Guyana has been noted since the 1750s by Dutch explorers. In the late 1960’s, Shell launched a major exploration effort, drilling six wells along the Atlantic coast in areas like Drill Mahaicony and along the Berbice, Corentyne, and Skeldon rivers.

These early wells did not yield commercially viable oil reserves, leading to a period of reduced exploration activity. However, interest was rekindled in 2015 when ExxonMobil began a new exploration campaign.

As Bloomberg reported, Scott Dyksterhuis, a geoscientist at ExxonMobil, was instrumental in advocating for drilling off Guyana’s coast, a decision fraught with challenges but culminating in one of the most significant oil discoveries in recent history.

The exploration journey was initially met with scepticism due to the region’s history of over 40 unsuccessful drills. However, on May 5, 2015, a pivotal moment unfolded during the exploration of the Liza field. Real-time data showing a shift in rock density indicated substantial fossil fuel reserves beneath the seabed.

Hours later, aboard the Deepwater Champion, tension gave way to anticipation. Senior geoscientist Kerry Moreland detected a familiar petrol-like odour as the ship processed rock cuttings. Her examination of the oil-saturated rocks confirmed the presence of significant oil reserves, marking a decisive moment in the project.

This phase of discovery, often referred to by the Exxon team as the “well from hell,” highlighted the formidable challenges and technical difficulties encountered, which nearly jeopardized the entire operation. Yet, these challenges underscored the importance of the discovery, transforming a high-risk endeavour into a monumental success that would redefine Guyana’s future (Bloomberg).

So as we look to the future the scale of Guyana’s oil discovery is underscored by some staggering figures. The country has an estimated 11 billion barrels of proved oil reserves, highlighting its burgeoning status as a major oil producer. This potential has attracted significant foreign direct investment, with inflows reaching a record high of USD 4.4 billion in 2022, making Guyana the leading destination for FDI in the Caribbean. Reflecting the confidence in Guyana’s economic prospects, ExxonMobil announced a commitment to invest $10 billion in the country in 2022 alone.

These investments and discoveries are set to transform the national economy profoundly. At a reception in Georgetown in 2019, the then-US Ambassador to Guyana, Perry Holloway, projected an explosive growth in GDP by 300% to 1,000% by 2025. Such growth, he noted, could make Guyana not only the richest country in the hemisphere but potentially the richest in the world. This forecast sets the stage for a transformative era in Guyana, as the country prepares to leverage its natural resources for sustained economic growth and development. As these pivotal projects come to fruition, they promise not only to reshape the economic landscape but also to usher in a new era of prosperity for Guyana.

Since its inception in 2018, Leader Guyana has rapidly evolved beyond its original staffing solutions, embracing a broader vision to meet the diverse needs of the burgeoning Guyanese market. Today, we are not only local content approved but have also expanded our portfolio to include comprehensive immigration support, tailored payroll solutions, and personalized meet and greet services.

Our commitment to local content and development has positioned us as a key player in supporting the country’s growing economy, particularly in sectors like oil and gas, where our expertise is helping to shape the workforce landscape. As we continue to adapt and grow, our focus remains on enhancing our service offerings to include even more specialized solutions that address the unique challenges and opportunities within Guyana.

Over the past five years, Leader Guyana has become synonymous with reliability and excellence, empowering businesses with agile, scalable teams for shared success. As we look forward, our strategy is set to not only continue this legacy but to expand it, ensuring that we remain at the forefront of recruitment and staffing solutions in the region.

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