29 Nov, 23

South America’s Offshore Oil Boom Will Challenge OPEC’s Dominance

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In Guyana’s territorial waters, after Exxon’s swathe of world-class petroleum discoveries, gigantic ships called floating production storage and offloading (FPSO) vessels are sucking crude oil from reservoirs up to four miles below the Earth’s surface. Since then, it has been estimated the former British colony of just over 800,000 possesses at least 11 billion barrels of recoverable oil resources. These discoveries not only garnered the attention of energy supermajors, notably Exxon, Chevron, and TotalEnergies but heralded a…

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