Guyana’s Vice President, Bharrat Jagdeo, during a Feb. 15 press conference, highlighted that the Liza and Payara projects are projected to sustain oil production until the late 2040s.
The production profile for the projects, informed by data from ExxonMobil, indicates that the Liza 1 and Liza 2 projects are anticipated to peak around 2025, with a gradual decrease leading to depletion by 2047. Similarly, Payara is expected to reach its peak in 2026 and will continue to contribute to oil production till 2050.
The Liza 1 project, which commenced production in December 2019, initially had an output of 120,000 barrels per day (b/d). Through ongoing optimization efforts, this figure has risen to approximately 160,000 b/d. Similarly, the Liza 2 project began its operations in February 2022, starting with a production of 220,000 b/d and, after further optimizations, achieving 250,000 b/d. November 2023 saw the startup of the Payara project, which has already reached an initial production level of 220,000 b/d and has recently demonstrated a capacity of 230,000 b/d. Collectively, these three projects have achieved a production rate of just over 640,000 b/d.
Jagdeo stressed the importance of continuous investment and the initiation of new projects to maintain a stable overall production level. “This is precisely why your investments now have to grow,” he stated. “If you think it through carefully, that wealth will peak and then decline, and if you want to be producing stably to ensure that the income comes in over the long term stably for the country, you have to constantly approve new projects so that the timing, the peaking levels out the cycle.”
Guyana is preparing for further expansion by ExxonMobil. The Yellowtail and Uaru projects, with an estimated production of 250,000 b/d each, are set to commence in 2025 and 2026, respectively. These will collectively contribute an additional 500,000 b/d. The prospective Whiptail project, which is awaiting approval, could begin in 2027, adding another 250,000 b/d, thereby increasing the anticipated additional production to 750,000 b/d.
