Wednesday, February 8, 2023

Guyana will be one of the main drivers of liquid supplies growth this year, says OPEC

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Liquids supply growth outside of the Organization of Petroleum Exporting Countries (OPEC) in 2021 remained broadly unchanged at around 0.6 million barrels per day (mb/d) year-on-year (y-o-y).

The 2021 oil supply estimation primarily sees growth in Canada, Russia, the US and China, while output is projected to decline in the UK, Brazil, Colombia and Indonesia. The forecast for non-OPEC supply for 2022 remains at 3.0 mb/d, y-o-y.

“The main drivers of liquids supply growth are expected to be the US and Russia, followed by Canada, Brazil, Kazakhstan, Guyana and Norway,” OPEC said, noting that the main upward revision was for Latin America, “of which Guyana saw the largest adjustment.”

Guyana’s total oil production will almost triple this year with the Liza Phase 2 Development now on stream at the ExxonMobil-operated Stabroek Block. This will add 220,000 bpd to the 120,000 bpd from Liza Phase 1.

A third project at Payara, set to come on stream in 2024, will add another 220,000 bpd to Guyana’s output while the fourth and largest project to date, Yellowtail, will add a massive 250,000 bpd when it comes online in 2025/2026. Yellowtail is currently pending approval by the Guyana government.

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