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Larger Profit Share for Guyana, More Competitiveness with New Profit Sharing Agreement – Jagdeo

Cabinet has granted its approval for the auctioning of 14 oil blocks offshore Guyana, Vice President, Dr Bharrat Jagdeo announced on Thursday during a press conference at Office of the President. The auction was initially slated for the end of September, however, the vice president noted that extensive preparatory work had to be completed. Government hired IHS Market as the lead consultant for this process.

Suriname Estimated to Have Over 30 Billion Barrels of Unexplored Oil Reserves (Redirected)

Not too long ago, Guyana, with its miniscule population, was cheering its massive oil discoveries which to date have amounted to more than 11 billion oil equivalent barrels. Guyana, right after the Middle Eastern Oil Giant Kuwait, now boasts the second highest proven oil reserves per capita. But recent discoveries in the tiny Dutch speaking country of Suriname may see it leaving Guyana trailing behind in its dust.

Guyana Boasts World’s Second Highest Oil Reserves Per Capita (Redirected)

The proven oil reserve “per capita” is calculated as the number of barrels of proven oil reserves divided by the population of the country. The proven oil reserves per capita is a theoretical indicator of how many barrels of oil we can allocate to each citizen. In other, words, if we share out all the oil in reserve to the citizens equally, how many barrels will each get?