Guyana’s oil exports have seen significant growth this year, reaching 598,000 barrels per day (b/d), a 58% increase compared to the previous year, according to data pulled by the Baltic and International Maritime Council (BIMCO). Niels Rasmussen, Chief Shipping Analyst at BIMCO, noted that this surge adds to the impressive growth the country has achieved in recent years.
“Over the past three years, the average annual growth rate has hit 76%,” he stated.
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Rasmussen in an Oct. 8 piece outlined that Guyana currently accounts for only 1.3% of crude tankers’ global cargo volumes. However, he noted that the country, along with the US, Brazil, and Canada, is increasing its share of volumes from the Americas.
“Year-to-date, global crude tanker loadings increased by 163, 000 b/d compared with last year, but loading from the four countries combined increased by 612,000 b/d, of which 218, 000 b/d were from Guyana,” he explained.
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The government has projected that the Stabroek Block will produce 228 million barrels in 2024. As of August, production totaled 145.69 million barrels. To meet this ambitious target, production would need to average approximately 675,000 b/d in the last four months of the year—a level that has not been achieved according to published data.
Following a period of shutdowns in July at the Liza field, crude oil production rebounded in August, surpassing 600,000 barrels per day (b/d). The shutdowns, which lasted from July 2-15 for Liza 2 and July 19-August 4 for Liza 1, were necessary for the connection of a natural gas pipeline. With both Liza projects resuming normal operations in August, combined output from the Stabroek Block increased by 44% from July, averaging 613,000 b/d. As Liza 1 returned to its typical range of 150,000-160,000 b/d, the Stabroek Block’s total output averaged 653,000 b/d during the last three weeks of August. By the end of the month, production reached 663,000 b/d on August 31.
