Guyana trails behind only the U.S. and Brazil as the fastest growing oil producers not part of the Organization of Petroleum Exporting Countries (OPEC).
A new report from the U.S. Energy Information Administration (EIA) said the ranking was made because Guyana bumped up its oil production by an annual average of 98,000 barrels per day (b/d) in the period 2020-2023.
Guyana is one of four incremental oil producers in the world – S&P | OilNOW
“Guyana…has emerged as a significant contributor to growth in the global supply of crude oil,” the EIA May 21 report outlined.
Guyana produced 613,000 b/d in the first quarter of 2024, from three projects: Liza 1, Liza 2 and Payara. ExxonMobil is the operator of the Stabroek Block, where they are located.
Oil production has been the primary driver of Guyana’s economic growth in recent years. The country grew 62.3% in 2022 and 33% in 2023.
Guyana’s recoverable reserves stand at 11 billion barrels. Exxon is still exploring for more oil and gas. The plan is to boost combined production capacity to about 1.3 million b/d by the end of 2027, developing three additional projects: Yellowtail, Uaru, and Whiptail. When achieved, this would make Guyana the second-largest oil producer in Central and South America, after Brazil.
