Guyana oil production projected to reach 1.7 million barrels per day

Guyana is experiencing a rapid expansion in its offshore petroleum industry, with oil production recently surpassing 900,000 barrels per day. Projections suggest output could reach 1.3 million barrels per day by 2027 and approach 1.7 million barrels per day by 2030.

Much of this growth is driven by the Stabroek Block, where a consortium led by ExxonMobil operates. The arrival of the Errea Wittu, the country’s fifth Floating Production Storage and Offloading (FPSO) vessel, is expected to push national output beyond one million barrels per day starting in September. Additionally, the US$12.7 billion Uaru project is anticipated to recover more than 800 million barrels of oil.

The economic impact has been significant, with GDP growth rates reaching double digits in recent years and GDP per capita rising from USD 5,640 in 2015 to over USD 33,000 in 2024. To support this growth, nearly 1,300 companies are registered with the Local Content Secretariat, and approximately 7,000 Guyanese workers have received industry-specific training.

As the country manages its increasing petroleum wealth, the government is working to diversify the economy. This includes a 300-megawatt Gas-to-Energy project intended to use natural gas from the Stabroek Block to provide domestic electricity by the end of 2026.