Guyana is on track to become one of the top five liquid-producing countries in Latin America (LatAm) in 2025, according to Amanda Bandeira, a Research Analyst at Wood Mackenzie.
“Production keeps growing, and exploration drilling is intensifying again in the region,” Bandeira said, speaking at the America Upstream Outlook 2025 webinar. “2025 [is gonna be] a mark for the country, as it will break into the top five largest liquid producing countries in the Latin America region.”
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The new vessel, ONE GUYANA for the Yellowtail development, will add 250,000 barrels per day, “pushing Guyana ahead of Colombia in production rankings”, she added.
Since first oil in 2019, Guyana’s production has increased sharply, with the fourth floating production, storage and offloading (FPSO)vessel expected online in August.
Guyana’s swift increase in production is also attributed to the quick startup times of FPSO vessels, along with their high efficiency.
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The ONE GUYANA FPSO arrived in April. If production begins as expected in August, the four-month gap between arrival and first oil would match the timeline of the Liza Destiny and Liza Unity projects. In contrast, the Prosperity FPSO for the Payara development took seven months from arrival to production.
Yellowtail is the fourth of eight developments ExxonMobil has planned in the Stabroek Block, where it is the operator with a 45% stake, alongside Hess Corp (30%) and China’s CNOOC (25%).
Beyond Yellowtail, Exxon and its partners have two additional oil projects, each with the same 250,000 b/d design capacity, slated for production between 2026 and 2028. Two more developments are currently in the application phase and are being targeted for startup between 2029 and 2030. These future projects are expected to include not only oil but also gas and condensate production, marking a diversification of the resource base as the consortium adds developments offshore Guyana.
