Guyana’s Minister of Natural Resources, Vickram Bharrat, announced on Jan. 29, that the country is poised to reach an average of 600,000 barrels per day (b/d) in oil production by the end of February.
Bharrat commented during a press conference ahead of the Guyana Energy Conference and Supply Chain Expo (GEC) which is scheduled for February 19-22, 2024, at the Guyana Marriott Hotel. Previously known as the International Energy Conference and Expo, the event will be attended by heads of state, government ministers and energy company executives.
The natural resources minister highlighted the progress made since the last energy conference in February 2023, where production was approximately 380,000-390,000 b/d.
“By the time of the conference on the 19th of February, we will be producing comfortably at 600,000 barrels per day average,” Bharrat stated.
He said the growth of the sector presents many more opportunities throughout the value chain and for the Guyanese private sector to provide goods and services.
Kurt Baboolall, Chief Executive Officer of GEC, said over 21 countries will be participating in the premier event which has so far attracted 30 sponsors, 200 exhibitors and hundreds of delegates.
The surge in Guyana’s oil production is attributed to developments in the Stabroek block, which averaged 530,000 b/d in December, from three projects: Liza 1, Liza 2, and Payara. The recent start of the Payara project in November and its rapid ramp-up to near its initial capacity of 220,000 b/d contributed to this growth from an average of 380,000 b/d for the rest of 2023. ExxonMobil also reported in early January that the Prosperity floating production, storage and offloading (FPSO) vessel achieved background flare.
Production offshore Guyana grew 41% in 2023 to 142.9 million barrels. The government’s projection of another 41% increase in production for 2024 is buoyed by the expectation that the Prosperity FPSO will stabilize at capacity within the first quarter and throughout the year.
Guyana’s expanding production is supported by FPSOs built and operated by Dutch floater specialist, SBM Offshore, delivered to Stabroek block co-venturers – ExxonMobil, Hess, and CNOOC.
