Guyana’s crude oil production for the full year is on track to average between 700,000 and 725,000 barrels per day (b/d), after the Yellowtail project lifted output to 900,000 b/d in the latter half of the year.
Government data reviewed by OilNOW show that average production for the first 10 months of the year stood at about 680,000 b/d. Yellowtail, which began producing in August, took several months to ramp up to its nameplate capacity of 250,000 b/d.
Production in November and December, based on export data, has been stable since ramp-up, indicating that full-year production is on track to average 700,000 to 725,000 b/d.
Output from the Liza 1 project declined steadily over the year, as it trends downward to its nameplate capacity of 120,000 b/d. Liza 1 had previously been producing as high as 160,000 b/d last year, following debottlenecking work aimed at optimizing output.
In contrast, production at Liza 2 and Payara increased in the second half of the year after ExxonMobil carried out similar optimization work. The company had said those projects, which had been producing around 250,000 b/d each, could be pushed closer to 265,000 b/d, a target reflected in higher output later in the year.
The combined effect of debottlenecking at existing projects and the early start-up of Yellowtail lifted national production earlier than expected, increasing the number of crude cargoes projected to be exported from Guyana this year.
However, higher volumes have not translated into a significant increase in projected state revenues. While Guyana’s crude entitlement rose by two cargoes, government projections published earlier in the year and later updated in the mid-year report show a marginal change in expected oil revenues. The offset reflects weaker oil prices.
ExxonMobil Guyana currently produces light to medium sweet crude from four offshore projects in the Stabroek Block, which it operates. While crude quality varies slightly across developments, all grades are low in sulfur, making them attractive to refiners.
Europe remains the largest destination region for Guyana’s crude, followed by Asia, according to shipping data. European demand strengthened after Russia invaded Ukraine, and the sanctions that followed forced refiners to seek alternative supplies, a shift that benefited Guyana.
Asian destinations have appeared more frequently in recent months as higher output and oversupply in Europe have made Guyana barrels available at competitive prices.
Going into the new year, production increases are expected from planned debottlenecking of the Yellowtail project and the start-up of the Uaru project in late 2026.
