Guyana expected to earn up to US$7.5 billion yearly from oil projects by 2030

By 2030, Guyana is expected to earn approximately US$7.5 billion annually through several oil projects in the offshore Stabroek Block.

Schreiner Parker, an energy researcher, made the disclosure at a recent virtual presentation hosted by the Guyana Business Journal and Magazine.

Mr. Parker said the government's take from oil and gas production, just from the Stabroek Block, will amount to billions of dollars.

The government's "take" refers to what is received by the government, on behalf of the country, through royalties, profit sharing, and taxes.

Parker is the Head of Latin America and the Caribbean at energy research company Rystad Energy, independent energy research and business intelligence company headquartered in Oslo, Norway.

Parker also noted that by 2040, with that sum collected each year, the country should amass a total of US$157 billion, and with finds in other oil blocks, that sum could increase even more.

He said that Guyana is expected to become among the world's top offshore oil producers by the next decade, ahead of large producers like the United States, Mexico, and Norway.