Offshore oil production in Guyana averaged 627,000 barrels per day (b/d) in March 2025, a modest dip from February’s 648,000 b/d. Despite the daily average easing, total production for March climbed to 19.4 million barrels, outperforming the 18.1 million barrels produced in February.
ExxonMobil operates the Stabroek Block, where all production occurs, in partnership with Hess and CNOOC.
The three producing projects — Liza 1, Liza 2, and Payara — each made substantial contributions. Output for March stood at approximately 4.47 million barrels from Liza 1, 7.58 million barrels from Liza 2, and 7.38 million barrels from Payara. Daily production figures for the projects were about 144,000 b/d at Liza 1, nearly 245,000 b/d at Liza 2, and almost 238,000 b/d at Payara.
The first quarter wrapped with strong overall performance. Average daily production for Q1 2025 was 631,000 b/d, underpinned by steady contributions of close to 146,000 b/d from Liza 1, almost 244,000 b/d from Liza 2, and nearly 242,000 b/d from Payara. These figures reflect a high utilization of current installed capacity.
The combined demonstrated production capacity of the three projects is at 660,000 b/d, a level first observed in late 2024. While ExxonMobil has indicated that both Liza 2 and Payara can individually reach 265,000 b/d, such levels have yet to be sustained in practice. The company has sought government approval to raise production, and regulators have yet to acquiesce, citing the need for a thorough review.
Meanwhile, crude export patterns from the first quarter paint a picture of consistent European demand, with the continent taking 29 of the 54 cargoes. Panama and the Netherlands emerged as top country destinations, each receiving 14 cargos, typically in 1-million-barrel shipments.
Looking ahead, momentum could build further. The ONE GUYANA FPSO, the floating production unit for the Yellowtail project, arrived in Guyana in April, with installation activities now underway. If the vessel is brought online ahead of schedule, the resulting early production start could outperform current projections, translating to stronger earnings for the country in 2025, especially if coupled with approved increases in output from existing operations.
Guyana’s Oil Ledger offers analyses of the latest oil production data and government oil fund receipts, published typically on a fortnightly basis. The column is authored by Kemol King, a journalist specializing in Guyana’s oil and gas sector.
