The government of Guyana has opened bids for 14 offshore oil blocks available for exploration and development as the South American country seeks to ramp up oil production.
GEORGETOWN, Guyana — Guyana has opened bids for 14 offshore oil blocks available for exploration and development as the South American country seeks to ramp up oil production.
No one knows what the 14 blocks located miles off Guyana’s coast contain, but ExxonMobil has successfully drilled more than 30 wells near them in waters off a country now considered. The blocks cover a total area of at least roughly 386 square miles . “You want to be part of the auction? Please come up. Any government in any part of the world, any company in any part of the world, you are free to be a part of the auction,” President Irfaan Ali told reporters recently as he sought to promote the area and attract big companies capable of working in deep waters.
Guyana already has seen its economy soar thanks to a massive oil discovery in 2015 that so far has led to the production of nearly 400,000 barrels of oil a day. The number is expected to rise to 1 million barrels a day since the ExxonMobil consortium has applied for approval to explore four more blocks.
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