According to the latest report from the United States Energy Information Administration (EIA), Guyana significantly increased its crude oil production since it began in 2019 and reached 645,000 barrels per day (bbl/d) in early 2024, thanks to the outstanding Stabroek block.
From 2020 to 2023, Guyana’s crude oil production grew at an average of 98,000 bbl/d per year, making it the third fastest growing non-OPEC producer. This increase fueled substantial economic growth, “with a GDP increase of 62.3% in 2022, the highest worldwide«, according to the IMF.
Guyana’s recoverable oil and natural gas resources are estimated at more than 11,000 million barrels of oil equivalent, mainly offshore in the Guyana-Suriname basin. This year, the country reached 645,000 bbl/d, about 35,000 barrels less than Argentina’s daily production in March.
ExxonMobil’s 2015 discovery in the Stabroek block initiated extensive exploration, which led to more than 30 additional findings by ExxonMobil, Hess and Cnooc. Production is carried out through three FPSO vessels: Liza Destiny, Liza Unity and Prosperity, with the aim of bringing natural gas ashore for processing.
Future production capacity is projected to reach 1.3 million bbl/d by the end of 2027, with the development of the Yellowtail, Uaru and Whiptail offshore projects. This would position Guyana as the second largest crude oil producer in Central and South Americaafter Brazil.
While, Guyana government forecasts oil production of about 1.64 million bbl/d by 2030. It seeks to monetize its hydrocarbon resources before peak demand arrives, as estimates indicate. If maximum demand forecasts are not met, Guyana will continue to be an important producer with growth capacity.
However, the corporate association in the Stabroek block faces possible changes due to the acquisition of Hess by Chevron and the pending arbitration over the preemptive rights of ExxonMobil and Cnooc.
Furthermore, exploration activities could be affected by Venezuela’s territorial claims over the Essequibo region of Guyana, although the ICJ has ordered Venezuela to maintain the status quo while the case is ongoing.
