Norway-based consultancy group Rystad Energy says the adoption of electrification in transport and other oil-dependent sectors is accelerating and is set to chip away at oil sooner and faster than in its previous forecast. As a result of this transition, Rystad Energy is downgrading its peak oil demand forecast to 101.6 million barrels per day (bpd), a pinnacle that will come in 2026, earlier than thought, plateauing before falling below 100 million bpd after 2030.
New oil producer Guyana is expected to have around 6 FPSOs operating offshore by 2026/27 producing over a million barrels of oil per day, catapulting the country into the top 3 producers in the Latin America region. And this is just the beginning. ExxonMobil has found over 9 billion barrels of oil equivalent at the prolific Stabroek Block where it is the operator, and analysts believe the resources in this massive acreage could be more than double what has already been discovered.