Guyana oil exports hit $15 billion amid LNG plan revisions

Guyana is experiencing significant growth in its petroleum sector, earning over US$15 billion from crude oil exports during the first half of 2026. This represents an 82.1 percent increase compared to the same period the previous year, driven by a 40 percent rise in export volumes and higher international prices. Daily production has increased to approximately 902,000 barrels, supported by offshore operations in the Stabroek Block.

However, the government is reconsidering its liquefied natural gas (LNG) export plans due to increased demand from ExxonMobil. The consortium requires approximately 2 billion cubic feet of gas per day to maintain oil recovery in offshore fields. Consequently, officials are weighing options to scale down the planned LNG project from 6 million tons per year to 3 million tons, or potentially prioritizing domestic energy needs and petrochemical industries over large-scale exports. Minister of Natural Resources Vickram Bharrat has called for greater clarity from ExxonMobil regarding available gas supplies.