ERIK Keskula, the Chief Executive Officer (CEO) of Trinidad-based Heritage Petroleum, has underscored the need for Guyanese authorities to closely monitor global oil price fluctuations.
During his first visit to Guyana last month for the 2025 Guyana Energy Conference and Supply Chain Expo (GEC&SCE), Keskula highlighted the difficulty of forecasting oil-price movements amid market volatility during an interview with GEC&SCE’s CEO, Kiana Wilburg.

However, while this may be a difficult task, he explained that proactive collaboration with industry operators and contractors can help mitigate risks associated with price fluctuations.

Keskula noted that managing costs efficiently is one of the best ways to offset the negative effects of fluctuating oil prices. And Trinidad and Tobago, having over a century of experience in the oil sector, he advised that industry stakeholders—including oil producers, service providers, and government regulators—work together to establish cost-effective strategies.

“Every company and every country struggle with predicting oil prices. And while we might get it right sometimes, we oftentimes don’t. So, it is extremely important for everyone in the industry to manage our costs so that our product remains competitive, even at lower prices,” he noted.
According to him, everyone in the industry has learned from the ups and downs of market cycles.

Keskula explained that predicting oil prices is especially crucial for Guyana, as both the country and its oil sector are expanding rapidly. In such a fast-paced environment, he said there is a high risk of costs spiralling out of control, making prudent financial management essential.
“So, it really comes down to strong partnerships and relationships with both our contractors and our suppliers to make sure that, as we produce that product, it is as competitive as possible at all price levels,” the CEO added. He said that ensuring production is carried out as efficiently and sustainably as possible is another key aspect.  “So that when somebody looks at the emission intensity of a particular company or country, they understand that we are doing so responsibly and sustainably—through electrification, greening your operations and emission reduction.

“If we can produce our product in a way that has the least amount of emissions and the least amount of waste, then that makes it better for everybody.”
The 2025 Guyana Energy Conference and Supply Chain Expo has provided a crucial platform for discussions on the future of the industry, with industry leaders offering valuable insights into the challenges and opportunities that lie ahead. Guyana has rapidly emerged as a major oil producer, with ExxonMobil (Guyana) and its co-ventures — Hess Guyana Exploration and CNOOC Petroleum Guyana—spearheading offshore developments. ExxonMobil is the operator of the block and holds a 45 percent interest. Hess Guyana Exploration holds a 30 percent interest, and CNOOC Petroleum Guyana

holds a 25 percent interest. Since the initial discovery of oil in 2015, three major projects—Liza 1, Liza 2, and Payara—are collectively producing over 600,000 barrels of oil per day in the prolific Stabroek Block.   This production is supported by three Floating Production Storage and Offloading vessels: Liza Destiny, Liza Unity, and Prosperity. The Stabroek Block has solidified Guyana’s position as a major player in the global oil industry and the fastest-growing economy in the world. Three other development projects in this block—Yellowtail, Uaru and Whiptail—are set to begin production in 2025, 2026, and 2027, respectively.

These operations will be supported by the ‘One Guyana’, Errea Wittu and Jaguar Floating Production Storage and Offloading vessels. Each project is estimated to generate 250,000 barrels per day, bringing the total offshore oil output in Guyana to more than 1.3 million barrels per day.