What is Guyana's local content Act 2021?

In December 2022, Guyana's government passed the Local Content Act 2021 for the country's expanding oil and natural gas industry, requiring companies to use local goods, services, and labor in 40 different sectors. The law specifies minimums for local content, ranging from 5% to 100%.

What is Esso Exploration & Production Guyana?

Esso Exploration and Production Guyana, an affiliate of ExxonMobil, operates the Liza 1 field and produces from a floating production, storage, and offloading (FPSO) vessel called the Liza Destiny. The vessel produces more than 120,000 b/d and has a storage capacity of 1.6 million barrels.

How much oil does Guyana have?

Guyana’s total energy consumption and inflation-adjusted GDP per capita, 2012–2022 Guyana had an estimated 11 billion barrels (b) of proved oil reserves as of January 2024. 16 The most significant offshore exploration program started in 2008 when ExxonMobil started collecting and analyzing seismic data, focusing on the Stabroek Block (Figure 4).

How does Guyana generate electricity?

Guyana primarily relies on heavy fuel oil for electricity generation (Figure 9). The vertically integrated, state-owned company called Guyana Power and Light (GPL) controls almost all of the country’s electric power sector.

Does Guyana have onshore resources?

Guyana also has onshore resources. The onshore Guyana Basin boundary extends 150 miles from the coastline into the land.30 The eastern part of the basin has the thickest sediment, reaching up to 8,202 feet.

Where is crude oil produced in Guyana?

Crude oil production in Guyana began in December 2019 in the Liza 1 field, ExxonMobil's first offshore discovery in the country. Esso Exploration and Production Guyana, an affiliate of ExxonMobil, operates the Liza 1 field and produces from a floating production, storage, and offloading (FPSO) vessel called the Liza Destiny.