93-597: Guyana is a country in the Guianas, South America. Guyana , Guiana , or Guayana may refer to: Guyana in South America (grey) Guyana officially the Co-operative Republic of Guyana , is a country on the northern coast of South America , part of the historic mainland British West Indies . Georgetown is the capital of Guyana and is also the country's largest city. Guyana
186-465: A conventional reservoir can be calculated using a volume equation: Recoverable volume = Gross Rock Volume * Net/Gross * Porosity * Oil or Gas Saturation * Recovery Factor / Formation Volume Factor Deterministic volumes are calculated when single values are used as input parameters to this equation, which could include analog content. Probabilistic volumes are calculations when uncertainty distributions are applied as input to all or some of
279-664: A reasonable certainty of being recoverable under existing economic and political conditions, and with existing technology. Industry specialists refer to this category as "P90" (that is, having a 90% certainty of producing or exceeding the P90 volume on the probability distribution). Proven reserves are also known in the industry as 1P . Proven reserves may be referred to as proven developed (PD) or as proven undeveloped (PUD). PD reserves are reserves that can be produced with existing wells and perforations, or from additional reservoirs where minimal additional investment (operating expense)
372-428: A "best technical" outcome. Reservoir simulation is an area of reservoir engineering in which computer models are used to predict the flow of fluids (typically, oil, water, and gas) through porous media . The amount of oil & gas recoverable from a conventional reservoir is assessed by accurately characterising the static recoverable volumes and history matching that to dynamic flow. Reservoir performance
465-640: A National Protected Area System. More than 80% of Guyana is still covered by forests, which also contain the world's rarest orchids , ranging from dry evergreen and seasonal forests to montane and lowland evergreen rain forests. These forests are home to more than a thousand species of trees. Guyana's tropical climate, unique geology, and relatively undisturbed ecosystems support extensive areas of species-rich rain forests and natural habitats with high levels of endemism . There are about 8000 species of plants in Guyana, half of which are found nowhere else. The country
558-412: A discovery has been made, prospective resources can be reclassified as contingent resources . Contingent resources are those accumulations or fields that are not yet considered mature enough for commercial development, where development is contingent on one or more conditions changing. The uncertainty in the estimates for recoverable oil & gas volumes is expressed in a probability distribution and
651-564: A framework for a consistent approach to the estimation process to comply with reporting requirements of particularly, listed companies. Energy companies may employ specialist, independent, reserve valuation consultants to provide third party reports as part of SEC filings for either reserves or resource booking. Reserves reporting of discovered accumulations is regulated by tight controls for informed investment decisions to quantify differing degrees of uncertainty in recoverable volumes. Reserves are defined in three sub-categories according to
744-453: A half slope on a log-plot of flow-rates against time believed to be caused by drainage from matrix surfaces into adjoining fractures. Such reservoirs are commonly believed to be regionally pervasive that may be interrupted by regulatory or ownership boundaries with the potential for large oil & gas volumes, which are very hard to verify. Non-unique flow characteristics in unconventional accumulations means that commercial viability depends on
837-434: A key component for receiving international aid through REDD programmes. The earliest residents of Guyana employed a variety of agricultural practices for subsistence living but also had extensive networks of trade, dealing in items such as blow pipes, curare , cassava graters, and other essentials. These trade networks were important even at the time of the earliest European contact, and Dutch traders were inclined to gift
930-476: A large impact on Guyana's GDP since drilling began in 2019. GDP grew sharply (43%) through the COVID-19 pandemic year of 2020, and is anticipated to continue at a high level in 2021 (estimated at 20%). The non-oil sectors contracted as public health measures were in place to control the virus spread; the growth of GDP rests on the oil sector for these two years. Preservation of Guyana's pristine forests has been
1023-439: A lower probability to recovering Possible reserves include varying interpretations of geology, uncertainty due to reserve infill (associated with variability in seepage towards a production well from adjacent areas) and projected reserves based on future recovery methods. The probabilistic, cumulative sum of proven, probable and possible reserves is referred to in the industry as " 3P " (proven plus probable plus possible) where there
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#17327650146081116-551: A more realistic exchange rate, fairly low inflation, and the continued support of international organisations. Guyana held huge amounts of debt which have been written off through various international agencies. In 2003 Guyana qualified for US$ 329 million of debt relief, in addition to the US$ 256 million from the original World Bank plan for assisting heavily indebted poor countries in 1999. The Multilateral Debt Relief Initiative in 2006/7 wrote off about US$ 611 million of Guyana's debt by
1209-463: A risk or chance to exist in reality, depending on the level of appraisal or resource maturity that governs the amount of reliable geologic and engineering data available and the interpretation of those data. Estimating and monitoring of reserves provides an insight into, for example, a company's future production and a country's oil & gas supply potential. As such, reserves are an important means of expressing value and longevity of resources. In
1302-583: A static reservoir model . Static models and dynamic flow models can be populated with analog reservoir performance data to increase the confidence in forecasting as the amount and quality of static geoscientific and dynamic reservoir performance data increase. Once production has commenced, production rates and pressure data allow a degree of prediction on reservoir performance, which was previously characterized by substituting analog data. Analog data can still be substituted for expected reservoir performance where specific dynamic data may be missing, representing
1395-421: A subsurface reservoir , is called oil or gas initially in place ( STOIIP or GIIP respectively). However, only a fraction of in place oil & gas can be brought to the surface ( recoverable ), and it is only this producible fraction that is considered to be either reserves or a resource of any kind. The ratio between in place and recoverable volumes is known as the recovery factor ( RF ), which
1488-596: Is tropical and generally hot and humid, though moderated by northeast trade winds along the coast. There are two rainy seasons, the first from May to mid-August, the second from mid-November to mid-January. Guyana has one of the largest unspoiled rainforests in South America, some parts of which are almost inaccessible by humans. The rich natural history of Guyana was described by early explorers Sir Walter Raleigh and Charles Waterton and later by naturalists Sir David Attenborough and Gerald Durrell . In 2008,
1581-524: Is a 10% chance of delivering or exceeding the P10 volume.( ibid ) Resource estimates are undiscovered volumes, or volumes that have not yet been drilled and flowed to surface. A non-reserve resource , by definition, does not have to be technically or commercially recoverable and can be represented by a single, or an aggregate of multiple potential accumulations, e.g. an estimated geological basin resource. There are two non-reserve resource categories: Once
1674-519: Is also one of the least densely populated countries on Earth . The official language of the country is English , although a large part of the population is bilingual in English and the indigenous languages. It has a wide variety of natural habitats and very high biodiversity . The country also hosts a part of the Amazon rainforest , the largest tropical rainforest in the world. The region known as "
1767-441: Is assumed that the production will decline on a reasonably smooth curve, and so allowances must be made for wells shut in and production restrictions. The curve can be expressed mathematically or plotted on a graph to estimate future production. It has the advantage of (implicitly) conflating all reservoir characteristics. It requires a sufficient production history to establish a statistically significant trend, ideally when production
1860-464: Is bordered by the Atlantic Ocean to the north, Brazil to the south and southwest, Venezuela to the west, and Suriname to the east. With a land area of 214,969 km (83,000 sq mi), Guyana is the third-smallest sovereign state by area in mainland South America after Uruguay and Suriname, and is the second-least populous sovereign state in South America after Suriname; it
1953-963: Is determined by a combination of subsurface geology and the technology applied to extraction . When reporting oil & gas volumes , in order to avoid confusion, it should be clarified whether they are in place or recoverable volumes. The appropriate technique for resource estimations is determined by resource maturity. There are three main categories of technique, which are used through resource maturation to differing degrees: analog (substitution), volumetric (static) and performance-based (dynamic), which are combined to help fill gaps in knowledge or data. Both probabilistic and deterministic calculation methods are commonly used to calculate resource volumes, with deterministic methods predominantly applied to reserves estimation (low uncertainty) and probabilistic methods applied to general resource estimation (high uncertainty). The combination of geological, geophysical and technical engineering constraints means that
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#17327650146082046-482: Is home to six ecoregions: Guayanan Highlands moist forests , Guianan moist forests , Orinoco Delta swamp forests , Tepuis , Guianan savanna , and Guianan mangroves . The Guiana Shield region is little known and extremely rich biologically. Unlike other areas of South America, over 70% of the natural habitat remains pristine. Guyana ranks third in the world with a 2019 Forest Landscape Integrity Index mean score of 9.58/10. The rich natural history of British Guiana
2139-417: Is important because the recovery changes as the physical environment of the reservoir adjusts with every molecule extracted; the longer a reservoir has been flowing, the more accurate the prediction of remaining reserves. Dynamic simulations are commonly used by analysts to update reserves volumes, particularly in large complex reservoirs. Daily production can be matched against production forecasts to establish
2232-618: Is known about a segment. The opportunity segment can be scaled to any level depending on the specific interest of the analyst, whether at a global, country, basin, structural domain, play, license or reservoir level. YTF is conceptual and is commonly used as a method for scoping potential in frontier areas where there is no oil or gas production or where new play concepts are being introduced with perceived potential. However, analog content can also be substituted for any subsurface parameters where there are gaps in data in more mature reserves or resource settings (below). Oil & gas volumes in
2325-759: Is not curtailed by regulatory or other artificial conditions. Experience shows that initial estimates of the size of newly discovered oil & gas fields are usually too low. As years pass, successive estimates of the ultimate recovery of fields tend to increase. The term reserve growth refers to the typical increases (but narrowing range) of estimated ultimate recovery that occur as oil & gas fields are developed and produced. Many oil-producing nations do not reveal their reservoir engineering field data and instead provide unaudited claims for their oil reserves. The numbers disclosed by some national governments are suspected of being manipulated for political reasons. In order to achieve international goals for decarbonisation ,
2418-659: Is now Guyana has been inhabited for millennia. Nine indigenous tribes reside in Guyana: the Wai Wai , Macushi , Patamona , Lokono , Kalina , Wapishana , Pemon , Akawaio , and Warao . Many of these peoples practised shifting agriculture alongside hunting . Historians speculate that the Arawaks and Caribs originated in the South American hinterland and migrated northward, first to the present-day Guianas and then to
2511-430: Is required ( e.g. opening a set of perforations already installed). PUD reserves require additional capital investment (e.g., drilling new wells) to bring the oil and/or gas to the surface. Accounting for production is an important exercise for businesses. Produced oil or gas that has been brought to surface (production) and sold on international markets or refined in-country are no longer reserves and are removed from
2604-414: Is sub-classified based on project maturity and/or economic status ( 1C , 2C , 3C , ibid ) and in addition are assigned a risk, or chance, to exist in reality (POS or COS). Prospective resources , being undiscovered, have the widest range in volume uncertainties and carry the highest risk or chance to be present in reality (POS or COS). At the exploration stage (before discovery) they are categorized by
2697-490: Is the only mainland South American nation in which English is the official language. However, the majority of the population speak Guyanese Creole , an English-based creole language , as a first language. Guyana is part of the Commonwealth Caribbean . It is part of the mainland Caribbean region maintaining strong cultural, historical, and political ties with other Caribbean countries as well as serving as
2790-567: The Akawaio , Arawak ( Lokono ), Arekuna ( Pemon ), Carib ( Karinya ), Makushi , Patamona , Wai Wai , Wapichan , and Warao . They are the third-largest demographic group in the country and are the majority population in the southern interior. The Afro-Guyanese population mainly descend from West African ethnicities such as the Ashanti from Ghana , the Yoruba from Southwest Nigeria ,
2883-571: The BBC broadcast a three-part programme called Lost Land of the Jaguar which highlighted the huge diversity of wildlife, including undiscovered species and rare species such as the giant otter and harpy eagle . Guyana has one of the highest levels of biodiversity in the world. It is home to more than 225 species of mammals , 900 species of birds , 880 species of reptiles, and more than 6,500 different species of plants. Among these wildlife categories
Guyana (disambiguation) - Misplaced Pages Continue
2976-684: The Courentyne River at 724 km (450 mi), the Berbice at 595 km (370 mi), and the Demerara at 346 km (215 mi). The Courentyne river forms the border with Suriname. At the mouth of the Essequibo are several large islands, including the 145 km (90 mi) wide Shell Beach along the northwest coast, which is also a major breeding area for sea turtles (mainly leatherbacks ) and other wildlife. The climate
3069-621: The Igbo from South-Eastern Nigeria , and the Mandingo from Senegal . Most Indo-Guyanese are descended from indentured labourers who migrated from North India , especially the Bhojpur and Awadh regions of the Hindi Belt in the present-day states of Uttar Pradesh , Bihar , and Jharkhand . A significant minority of Indo-Guyanese are also descended from indentured migrants who came from
3162-1238: The International Energy Agency said in 2021 that countries should no longer expand exploration or invest in projects to expand reserves to meet climate goals set by the Paris Agreement . The categories and estimation techniques framed by the PRMS above apply to conventional reservoirs, where oil & gas accumulations are controlled by hydrodynamic interactions between the buoyancy of oil & gas in water versus capillary forces. Oil or gas in unconventional reservoirs are much more tightly bound to rock matrices in excess of capillary forces and therefore require different approaches to both extraction and resource estimation. Unconventional reservoirs or accumulations also require different means of identification and include coalbed methane (CBM), basin-centered gas (low permeability), low permeability tight gas (including shale gas ) and tight oil (including shale oil ), gas hydrates, natural bitumen (very high viscosity oil), and oil shale (kerogen) deposits. Ultra low permeability reservoirs exhibit
3255-674: The International Monetary Fund , the World Bank and the Inter-American Development Bank . In 2006, Japan finalised its bilateral debt cancellation agreement, in 2007, US$ 15 million was written off by China and in 2008, Venezuela cancelled US$ 12.5 million. In 2008, the economy witnessed a 3% increase in growth amid the global economic crisis ; it grew 5.4% in 2011 and 3.7% in 2012. IMF projected economic growth to be 53% in 2020 following
3348-462: The Macushi people). When the country gained independence from British rule, a policy of nationalisation was enacted by Forbes Burnham to address the inequities that were established by plantation-based colonial rule. All large-scale industries such as foreign-owned bauxite mining ( Reynolds Metals and Rio Tinto's Alcan) and sugar ( GuySuCo ) operations were taken over by the government. However,
3441-613: The Orinoco and Courantyne rivers. Dutch sovereignty over these settlements was recognised in 1648 by Spain with the Peace of Münster , which stated under Article 5 that the Dutch would retain all of the lordships, cities, castles, fortresses, trades and lands in the... West Indies under their possession at the time. However, the treaty did not specify the boundary between Spanish Guiana and Dutch Guiana . Guyana achieved independence from
3534-487: The PRMS , the terms 'Resources' and 'Reserves' have distinct and specific meaning with respect to oil & gas accumulations and hydrocarbon exploration in general. However, the level of rigor required in applying these terms varies depending on the resource maturity which informs reporting requirements. Oil & gas reserves are resources that are, or are reasonably certain to be, commercial (i.e. profitable). Reserves are
3627-596: The People's National Congress Reform rose to power, quickly becoming a repressive authoritarian leader. Politics became divided on race with the Afro-Guyanese supporting Burnham's People's National Congress and the Indo-Guyanese supporting Jagan 's People's Progressive Party , in what became known as aapan jaat politics, loosely translated from Guyanese Hindustani as "vote for your own kind". Guyana
3720-787: The Society of Petroleum Engineers (SPE), the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers (SPEE) and the Society of Economic Geologists (SEG). Public companies that register securities in the U.S. market must report proved reserves under the Securities and Exchange Commission (SEC) reporting requirements which shares many elements with PRMS. Attempts have also been made to standardize more generalized methodologies for
3813-556: The headquarters for the Caribbean Community (CARICOM). In 2008, the country joined the Union of South American Nations as a founding member. In 2017, 41% of the population of Guyana lived below the poverty line . Guyana's economy has been undergoing a transformation since the discovery of crude oil in 2015 and commercial drilling in 2019, with its economy growing by 49% in 2020, making it, by some accounts, currently
Guyana (disambiguation) - Misplaced Pages Continue
3906-621: The Americas after the United States , Canada , and The Bahamas , and has been one of the countries with the most improvement in Human Development Index ranking since 2015. According to the World Bank in 2023, very significant poverty still exists and the country faces significant risks in structurally managing its growth. The name "Guyana" derives from Guiana , an earlier name for a larger region that included
3999-483: The Atlantic coast (low coastal plain) where most of the population lives; a white sand belt further inland (hilly sand and clay region), containing most of Guyana's mineral deposits; the dense rain forests (Forested Highland Region) in the southern part of the country; the drier savannah areas in the south-west; and the smallest interior lowlands (interior savannah) consisting mostly of mountains that gradually rise to
4092-649: The Brazilian border. Some of Guyana's highest mountains are Mount Ayanganna (2,042 m or 6,699 ft), Monte Caburaí (1,465 m or 4,806 ft) and Mount Roraima (2,772 m or 9,094 ft – the highest mountain in Guyana) on the Brazil-Guyana-Venezuela tripoint border, part of the Pakaraima range. Mount Roraima and Guyana's table-top mountains ( tepuis ) are said to have been
4185-645: The Caribbean islands. The Arawak, mainly cultivators, hunters, and fishermen, migrated to the Caribbean islands before the Carib and settled throughout the region. Although Christopher Columbus was the first European to sight Guyana during his third voyage (in 1498), and Sir Walter Raleigh wrote an account in 1596, the Dutch were the first Europeans to establish colonies: Pomeroon (1581), Essequibo (1616), Berbice (1627), and Demerara (1752). After France invaded
4278-603: The Dutch Republic ( 1795 ), the British assumed control in 1796, with the Dutch and British signing the London Convention in 1814 that ceded Demerara-Essequibo and Berbice to Britain. In 1831, the united colonies of Demerara-Essequibo and separate colony of Berbice together became a single British colony known as British Guiana . Since its independence in 1824, Venezuela has claimed the area of land to
4371-431: The Essequibo watershed support a remarkable diversity of fish and aquatic invertebrates, and are home to giant otters , capybaras , and several species of caimans . On land, large mammals, such as jaguars , tapirs , bush dogs , giant anteaters , and saki monkeys are still common. Over 800 species of birds have been reported from the region, and the reptile and amphibian faunas are similarly rich. In February 2004,
4464-726: The Government of Guyana issued a title to more than 4,000 km (1 × 10 ^ acres) of land in the Konashen Indigenous District as the Kanashen Community-Owned Conservation Area, managed by the Wai Wai , and the world's largest community-owned conservation Area. The Iwokrama International Centre for Rain Forest Conservation and Development was also created for the protection and sustainable use of
4557-603: The Guianas " consists of the large shield landmass north of the Amazon River and east of the Orinoco River known as the "land of many waters". Nine indigenous tribes reside in Guyana: the Wai Wai , Macushi , Patamona , Lokono , Kalina , Wapishana , Pemon , Akawaio and Warao . Historically dominated by the Lokono and Kalina tribes, Guyana was colonised by the Dutch before coming under British control in
4650-461: The Iwokrama forest area. Since 2009, Guyana and Norway have collaborated to promote green development in Guyana while keeping deforestation at low levels. The main economic activities in Guyana are agriculture (rice and Demerara sugar ), bauxite and gold mining, timber, seafood, minerals, crude oil and natural gas. The discovery of major crude oil reserves off the Atlantic coast has since made
4743-547: The SPE and the WPC in 1997, requiring that reserves are discovered, recoverable, commercial and remaining based on rules governing the classification into sub-categories and the declared development project plans applied. Probable and Possible reserves may be used internally by oil companies and government agencies for future planning purposes but are not routinely or uniformly compiled. Proven reserves are discovered volumes claimed to have
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#17327650146084836-953: The South Indian states of Tamil Nadu and Andhra Pradesh ; these are the plurality ancestry in the East Berbice-Corentyne region. The two largest groups, the Indo-Guyanese and Afro-Guyanese, have experienced some racial tension. English is the official language of Guyana and is used for education, government, media, and services. The vast majority of the population speaks Guyanese Creole , an English-based creole with slight African, Indian, and Amerindian influences, as their first language. Oil and gas reserves and resource quantification Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields ) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on
4929-456: The Union of South American Nations. The Guyanese government officially ratified the treaty in 2010. In March 2020, President David A. Granger narrowly lost the snap elections , following Granger's government loss of a vote of no confidence back in 2018. Granger refused to accept the results, but eventually five months later, Irfaan Ali of the People's Progressive Party/Civic was sworn in as
5022-789: The United Kingdom as a dominion on 26 May 1966 and became a republic on 23 February 1970, remaining a member of the Commonwealth . Shortly after independence, Venezuela began to take diplomatic, economic, and military action against Guyana to enforce its territorial claim to the Essequibo region . Five months after Guyana's independence, in October 1966, Venezuelan troops crossed the international border and seized Ankoko Island which has been under occupation ever since. Venezuelan troops quickly constructed military installations and an airstrip. Following independence, Forbes Burnham of
5115-557: The accuracy of simulation models based on actual volumes of recovered oil or gas. Unlike analogs or volumetric methods above, the degree of confidence in the estimates (or the range of outcomes) increases as the amount and quality of geological, engineering and production performance data increase. These must then be compared with previous estimates, whether derived from analog, volumetric or static reservoir modelling before reserves can be adjusted and booked. The materials balance method for an oil or gas field uses an equation that relates
5208-405: The accuracy of these estimation techniques, significant uncertainties still remain, which are expressed as a range of potential recoverable oil & gas quantities using probabilistic methods. In general, most early estimates of the reserves of an oil or gas field (rather than resource estimates) are conservative and tend to grow with time . This may be due to the availability of more data and/or
5301-677: The areas now called Guyana ( British Guyana ), Suriname ( Dutch Guiana ), French Guiana , the Guayana Region in Venezuela ( Spanish Guyana ), and Amapá in Brazil ( Portuguese Guiana ). According to the Oxford English Dictionary , the name "Guyana" comes from an indigenous Amerindian language and means "land of many waters". The word Co‑operative in the official name refers to co-operative socialism . What
5394-811: The booking and company balance sheets. Until January 2010, "1P" proven reserves were the only type the U.S. SEC allowed oil companies to report to investors. Companies listed on U.S. stock exchanges may be called upon to verify their claims confidentially, but many governments and national oil companies do not disclose verifying data publicly. Since January 2010 the SEC now allows companies to also provide additional optional information declaring 2P (both proven and probable) and 3P (proven plus probable plus possible) with discretionary verification by qualified third party consultants, though many companies choose to use 2P and 3P estimates only for internal purposes. Probable additional reserves are attributed to known accumulations and
5487-501: The colonies of the territory were merged and the land was given over to the British Empire in 1814. Upon emancipation in 1838, almost all of the former slaves abandoned the plantations, and Indians were brought to the country under indenture contracts from 1838 until the end of the system in 1917. The production of balatá (natural latex ) was once a big business in Guyana. Most of the balatá bleeding in Guyana took place in
5580-616: The completion of the first off-shore oil project. Actual growth in GDP in 2020 was 43%; reports in April 2021 anticipate 20% growth for 2021. The government initiated a major overhaul of the tax code in early 2007. A Value Added Tax (VAT) replaced six different taxes. Prior to the implementation of the VAT, it had been relatively easy to evade sales tax, and many businesses were in violation of tax code. Many businesses opposed VAT introduction because of
5673-514: The day of reserves reporting are also sensitive to fluctuating global market pricing. The remaining resource estimates (after the reserves have been accounted) are likely sub-commercial and may still be under appraisal with the potential to be technically recoverable once commercially established. Natural gas is frequently associated with oil directly and gas reserves are commonly quoted in barrels of oil equivalent (BOE). Consequently, both oil and gas reserves, as well as resource estimates, follow
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#17327650146085766-528: The descendants of indentured labourers from India who make up 43.5% of the population, according to the 2002 census. They are followed by the Afro-Guyanese , the descendants of enslaved people brought from Africa, primarily West Africa , who constitute 30.2%. The Guyanese of mixed heritage make up 16.7%. The Indigenous peoples, known locally as Amerindians , make up 10.5% of the population. The nine Indigenous nations in Guyana, defined by language, are
5859-445: The economy under nationalisation was plagued by problems; political instability leading to an exodus of skilled labour, inexperienced management, aging infrastructure. Poor international market conditions also expanded the country's debt. The Guyanese economy rebounded slightly and exhibited moderate economic growth after 1999, due to expansion in the agricultural and mining sectors, a more favourable atmosphere for business initiatives,
5952-401: The extra paperwork required; however, the Government has remained firm on the VAT. Replacing several taxes with one flat tax rate, it will also be easier for government auditors to spot embezzlement . The large majority (about 90%) of Guyana's 744,000 people live along a narrow coastal strip that ranges from a width of 16 to 64 km (10 to 40 mi) inland and makes up approximately 10% of
6045-430: The field. It requires some production to occur (typically 5% to 10% of ultimate recovery), unless reliable pressure history can be used from a field with similar rock and fluid characteristics. The decline curve method is an extrapolation of known production data to fit a decline curve and estimate future oil & gas production. The three most common forms of decline curves are exponential, hyperbolic, and harmonic. It
6138-458: The financial status of the company, which may be obliged to report those estimates to shareholders and "resource holders" at the various stages of resource maturation. Currently, the most widely accepted classification and reporting methodology is the 2018 petroleum resources management system ( PRMS ), which summarizes a consistent approach to estimating oil and gas quantities within a comprehensive classification framework, jointly developed by
6231-528: The first Guyanese election since 1964 to be internationally recognised as free and fair. Cheddi Jagan of the PPP was elected and sworn in as president on 9 October 1992. This reversed the monopoly that Afro-Guyanese traditionally had over Guyanese politics. The poll was marred by violence however. In May 2008, President Bharrat Jagdeo was a signatory to the UNASUR Constitutive Treaty of
6324-630: The foothills of the Kanuku Mountains in the Rupununi savannah . Early exploitation also took place in the North West District, but most of the trees in the area were destroyed by illicit bleeding methods that involved cutting down the trees rather than making incisions in them. Uses of balatá included the making of cricket balls , temporary dental fillings, and the crafting of figurines and other decorative items (particularly by
6417-476: The improved matching between predicted and actual production performance. Appropriate external reporting of resources and reserves is required from publicly traded companies, and is an accounting process governed by strict definitions and categorisation administered by authorities regulating the stock market and complying with governmental legal requirements. Other national or industry bodies may voluntarily report resources and reserves but are not required to follow
6510-493: The inspiration for Sir Arthur Conan Doyle 's 1912 novel The Lost World . There are also many volcanic escarpments and waterfalls, including Kaieteur Falls which is believed to be the largest single-drop waterfall in the world by volume. North of the Rupununi River lies the Rupununi savannah , south of which lie the Kanuku Mountains . The four longest rivers are the Essequibo at 1,010 km (628 mi) long,
6603-486: The late 18th century. It was governed as British Guiana with a mostly plantation-style economy until the 1950s. It gained independence in 1966 and officially became a republic within the Commonwealth of Nations in 1970. The legacy of British colonialism is reflected in the country's political administration, lingua franca and diverse population, which includes Indian , African , Indigenous , Chinese , Portuguese , other European , and various multiracial groups. Guyana
6696-576: The local peoples in order to maintain successful settlements. After the initial rush to find gold in the New World waned, the Dutch found the climate to be suitable for growing sugar cane, converting large tracts of the Guyanese coast into plantations and supplying with labour from the Atlantic slave trade . The country and economy were run by a small European planter elite which continued on when
6789-518: The main asset of an oil & gas company ; booking is the process by which they are added to the balance sheet . Contingent and prospective resource estimates are much more speculative and are not booked with the same degree of rigor, generally for internal company use only, reflecting a more limited data set and assessment maturity. If published externally, these volumes add to the perception of asset value , which in turn can influence oil & gas company share or stock value . The PRMS provides
6882-738: The most notably famous are the Arapaima , which is the world's largest scaled freshwater fish; the giant anteater , the largest anteater; the giant otter , the world's largest and rarest river otter; and the Guianan cock-of-the-rock bird ( Rupicola rupicola ). The following habitats have been categorised for Guyana: coastal, marine, littoral, estuarine, palustrine, mangrove, riverine, lacustrine, swamp, savanna, white sand forest, brown sand forest, montane, cloud forest, moist lowland and dry evergreen scrub forests (NBAP, 1999). About 14 areas of biological interest have been identified as possible hotspots for
6975-474: The nation's total land area. Guyana's population is racially and ethnically heterogeneous, with ethnic groups originating from India, Africa, Europe, and China, as well as Indigenous peoples . Despite their diverse ethnic backgrounds, most groups share a common language of English and its Guyanese English Creole vernacular. The largest ethnic group is the Indo-Guyanese (also known as East Indians ),
7068-507: The new president because of allegations of fraud and irregularities. The National Trust of Guyana has designated nine historic sites as national monuments. A referendum in neighbouring Venezuela was held in December 2023 on the annexation of the disputed Essequibo region , which lies entirely in the territory of Guyana. The vote passed with a 95% majority, but with a low turnout, with analysts stating Maduro's government had falsified
7161-473: The point when a sufficient accumulation of commercial oil and/or gas are proven by drilling, with authorized and funded development plans to begin production within a recommended five years. Reserve estimates are required by authorities and companies, and are primarily made to support operational or investment decision-making by companies or organisations involved in the business of developing and producing oil and gas. Reserve volumes are necessary to determine
7254-478: The probabilistic, cumulative sum of proven and probable reserves (with a probability of P50), also referred to in the industry as " 2P " (Proven plus Probable) The P50 designation means that there should be at least a 50% chance that the actual volumes recovered will be equal to or will exceed the 2P estimate. Possible additional reserves are attributed to known accumulations that have a lower chance of being recovered than probable reserves. Reasons for assigning
7347-399: The quantification of volumes is usually undertaken by integrated technical, and commercial teams composed primarily of geoscientists and subsurface engineers , surface engineers and economists. Because the geology of the subsurface cannot be examined directly, indirect techniques must be used to estimate the size and recoverability of the resource. While new technologies have increased
7440-466: The reporting of national or basin level oil and gas resource assessments. An oil or gas resource refers to known (discovered fields ) or potential accumulations of oil and/or gas ( i.e undiscovered prospects and leads ) in the subsurface of the Earth's crust. All reserve and resource estimates involve uncertainty in volume estimates (expressed below as Low, Mid or High uncertainty), as well as
7533-413: The results. This came at the same time as a Venezuelan military buildup on the Guyanese border, sparking concerns of war between the two states. The territory controlled by Guyana lies between latitudes 1° and 9°N , and longitudes 56° and 62°W ; it is one of the world's most sparsely populated countries. The country can be divided into five natural regions: a narrow and fertile marshy plain along
7626-446: The same reporting guidelines, and are referred to collectively hereinafter as oil & gas . As with other mineral resource estimation , detailed classification schemes have been devised by industry specialists to quantify volumes of oil and gas accumulated underground (known as subsurface ). These schemes provide management and investors with the means to make quantitative and relative comparisons between assets, before underwriting
7719-452: The same strict definitions and controls. Analogs are applied to prospective resources in areas where there are little, or sometimes no, existing data available to inform analysts about the likely potential of an opportunity or play segment. Analog-only techniques are called yet-to-find ( YTF ), and involve identifying areas containing producing assets that are geologically similar to those being estimated and substituting data to match what
7812-509: The significant cost of exploring for, developing and extracting those accumulations. Classification schemes are used to categorize the uncertainty in volume estimates of the recoverable oil and gas and the chance that they exist in reality (or risk that they do not) depending on the resource maturity. Potential subsurface oil and gas accumulations identified during exploration are classified and reported as prospective resources . Resources are re-classified as reserves following appraisal , at
7905-548: The system used in the PRMS: Proven ( 1P ), Probable and Possible. Reserves defined as Probable and Possible are incremental (or additional) discovered volumes based on geological and/or engineering criteria similar to those used in estimating Proven reserves. Though not classified as contingent, some technical, contractual, or regulatory uncertainties preclude such reserves being classified as Proven. The most accepted definitions of these are based on those originally approved by
7998-466: The terms of the equation (see also Copula (probability theory) ), which preserve dependencies between parameters. These geostatistical methods are most commonly applied to prospective resources that still need to be tested by the drill bit. Contingent resources are also characterized by volumetric methods with analog content and uncertainty distributions before significant production has occurred, where spatial distribution information may be preserved in
8091-471: The very low human population density of the area, most of these forests are still intact. The Smithsonian Institution has identified nearly 2,700 species of plants from this region, representing 239 distinct families, and there are certainly additional species still to be recorded. The diversity of plants supports diverse animal life, recently documented by a biological survey organised by Conservation International . The reportedly clean, unpolluted waters of
8184-418: The volume of oil, water and gas that has been produced from a reservoir and the change in reservoir pressure to calculate the remaining oil & gas. It assumes that, as fluids from the reservoir are produced, there will be a change in the reservoir pressure that depends on the remaining volume of oil & gas. The method requires extensive pressure-volume-temperature analysis and an accurate pressure history of
8277-760: The west of the Essequibo River . Simón Bolívar wrote to the British government warning against the Berbice and Demerara settlers settling on land which the Venezuelans, as assumed heirs of Spanish claims on the area dating to the 16th century, claimed was theirs. In 1899, an international tribunal ruled that the land belonged to Great Britain. From the Anglo-Dutch Treaty of 1814 , the British inherited Dutch territory which included lands between
8370-408: The wide range of volume uncertainties (typically P90-P50-P10 ). In the PRMS the range of volumes is classified by the abbreviations 1U , 2U and 3U again reflecting the degrees of uncertainty. Companies are commonly not required to report publicly their views of prospective resources but may choose to do so voluntarily. The total estimated quantity ( volumes ) of oil and/or gas contained in
8463-418: The world's fastest-growing economy. As it is said to have 11 billion barrels in oil reserves, the country is set to become one of the largest per capita oil producers in the world by 2025. The discovery of over 11 billion barrels of oil reserves off the coast of Guyana since 2017 is the largest addition to global oil reserves since the 1970s. Guyana is now ranked as having the fourth-highest GDP per capita in
8556-421: Was described by early explorers Sir Walter Raleigh and Charles Waterton and later by naturalists Sir David Attenborough and Gerald Durrell . Southern Guyana is host to some of the most pristine expanses of evergreen forests in the northern part of South America. Most of the forests found are tall, evergreen hill-land and lower montane forests, with large expanses of flooded forest along major rivers. Thanks to
8649-567: Was elected three times as a member of the UN Security Council in 1975–76, 1982–83 and 2024–25. In 1978, a total of 918 people died at the Jonestown mass murder-suicide led by American cult leader Jim Jones at a remote settlement in northwest Guyana. Former U.S. President Jimmy Carter visited Guyana to lobby for the resumption of free elections. On 5 October 1992, a new National Assembly and regional councils were elected in
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