Guyana has approved ExxonMobil’s $12.7bn bid for its fifth offshore oil project, underlining the importance of the country as a source of tanker demand growth.
The Uaru venture is expected to produce an estimated 250,000 barrels per day (bpd) of oil and gas products by the second three months of 2027 — a suezmax cargo every four days.
Uara will have a “staggering” 44 production wells and 10 drilling centres, according to French shipbroker BRS Group.
