Guyana’s influence in the global oil market is no longer theoretical. According to Guyanese start-up Keystone Consulting, the South American nation is already playing a stabilizing role in global energy supply, emerging as one of the few new producers helping to meet shortfalls created by geopolitical shocks.
“Guyana’s growing role in the global energy market is already being felt,” the local market research and intelligence firm said in a recent release. “In the aftermath of Russia’s invasion of Ukraine, Guyana became one of the few emerging producers helping to fill critical supply gaps.”
Oil production in the first four months of 2025 averaged 626,000 barrels per day (b/d), government data shows. All current output comes from the Stabroek Block, operated by ExxonMobil, Hess Corp, and CNOOC. A fourth development, Yellowtail, is expected to raise total production capacity above 900,000 b/d, placing Guyana among the most significant growth stories in recent years.
Europe has become the top destination for Guyana’s crude since 2022, as refiners across the continent sought alternatives to Russian oil. That trend has continued into 2025.
Keystone pointed to the scale and pace of Guyana’s oil sector transformation, noting that more than 40 commercial discoveries since 2015 have propelled the country into the global top 20 in oil reserves. The firm described this as “a cascade” of exploration success that “propelled Guyana into the Top 20 countries oil reserves globally.”
In addition to production milestones, the government has introduced new legislative and fiscal frameworks, such as the Petroleum Activities Act and a revised production sharing agreement, to manage the boom. Keystone said these reforms “reflect Guyana’s transformation from high-risk frontier basin to a highly sought-after energy destination.”
The firm also noted that Guyana is attempting to strike a balance between oil development and climate responsibility. With 85% of its forests intact and a US$750 million carbon credit agreement signed with Hess, Guyana is positioning itself as a model for carbon-conscious production. “Guyana is emerging as a green energy anomaly, an oil producing nation that remains a climate champion,” Keystone stated.
Chevron’s pending acquisition of Hess, one of the Stabroek Block’s three partners, has triggered arbitration with ExxonMobil and CNOOC over joint venture rights, an indication of the high strategic value companies place on access to Guyana’s basin.
With oil production expected to exceed 1.3 million barrels per day by 2027, the country is moving up the ranks as a top global contributor to supply growth. Keystone concluded: “If we stay the course, Guyana will not just be known as an oil producer. Guyana will be known as the country that redefined the oil age journey; responsibly, equitably, and on the terms of the nations that once had no seat at the table.”
Keystone debuted at the Offshore Technology Conference (OTC) in Houston in May. Its capabilities include research, marketing, and business intelligence.
