Monday, February 6, 2023

Guyana oil sector on track for over 100% growth, 100 million barrels output in 2022

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Guyana’s oil economy is expected to grow in 2022, by far more than 100% over the prior year. First oil at the Liza Unity floating production, storage, and offloading (FPSO) unit and optimisation of the Liza Destiny FPSO resulted in a tripling of oil production capacity in the South American country.

Data accumulated from government sources indicate that from January to October, ExxonMobil produced 79 million barrels of light to medium sweet crude to help meet market demand. Most of these barrels were produced in the latter half of the year, as both Liza projects achieved background flare and ramped up to capacity. In comparison, the Liza Destiny produced 27.2 million barrels in 2020 and 42.7 million in 2021.

ExxonMobil produced 34.6 million barrels in the first half of 2022, according to the Ministry of Finance’s Half Year report. The Ministry of Natural Resources’ Petroleum Management Programme indicated steadier production in the second half, with more than 10 million barrels produced each month. It is estimated that 2022 has already surpassed 2021’s production two times over.

340,116 barrels per day (bpd) were produced on average in July, amounting to 10.543 million barrels for the month.

364,820 bpd were produced on average in August, amounting to 11.309 million barrels for the month.

366,310 bpd were produced on average in September, amounting to 10.989 million barrels for the month.

372,910 bpd were produced on average in October, amounting to 11.56 million barrels for the month.

With an average of 11.1 million barrels being produced per month for the second half year so far, Guyana is expected to easily surpass 100 million barrels this year. This would translate to growth exceeding 130%.

Further afield, the country’s exports are expected to grow every year through 2027, with constant ramping up by Stabroek Block operator, ExxonMobil. Six FPSOs are planned for the acreage by 2027, and potential exists for increase to 10 by the end of the decade.

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