Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by Exxon's development of the Stabroek Block.
The high-quality light sweet crude oil, low break-even prices, and successful exploration campaigns are attracting immense international interest in Guyana's oil sector.
The interest is being driven by a high exploration success rate and substantial offshore petroleum potential, which appears to exceed that estimated by the U.S. Geological Survey.
Guyana's burgeoning oil production threatens to diminish OPEC Plus's influence, even as the cartel attempts to bring the country into its fold.
The cartel has invited representatives from Guyana to participate in its meetings in Europe but has yet to officially invite the country to join the cartel.
Georgetown appears reticent to join OPEC, especially with membership requiring Guyana to comply with various rules and regulations.