In the span of five years, Guyana has transformed from a newcomer in oil production into one of the world’s fastest-expanding petroleum hubs. What began in 2020 with a single floating production, storage and offloading (FPSO) vessel has grown to four FPSOs in operation this August 2025, pushing installed capacity past 900,000 barrels per day.
This rapid rise has been driven by successive discoveries and reinforced by updated legislation shaping the sector’s governance.
Production: Where it was vs. Where it is
- 2020 baseline. Production in the first half of 2020 averaged roughly 65,000 to 75,000 barrels of oil per day (b/d) as Liza Phase 1 (Liza Destiny FPSO) ramped up; the project reached 120,000 b/d nameplate capacity by December 2020.
- 2024 step-change. By January 2024, output reached about 600,000 b/d, reflecting the addition of Liza Phase 2 (Liza Unity, 220,000 b/d) and the late-2023 startup of Payara (Prosperity).
- Mid-2025 and now. On August 8, 2025, ExxonMobil started up Yellowtail using the ONE GUYANA FPSO, lifting installed capacity to 900 b/d (Unity alone has touched 252 b/d at peak).
How many FPSOs are producing?
As of August 2025, four FPSOs are onstream in the Stabroek Block:
- Liza Destiny (Liza Phase 1) — first oil Dec. 2019; 120,000 b/d design.
- Liza Unity (Liza Phase 2) — first oil Feb. 2022; reached 252,000 b/d peak.
- Prosperity (Payara) — first oil mid-Nov. 2023; 220,000 b/d design, peaked Q1 2024.
- ONE GUYANA (Yellowtail) — first oil Aug. 8, 2025; 250,000 b/d initial annual average target.
What’s next:
- Uaru (FPSO Errea Wittu, by MODEC) — sanctioned; 250,000 b/d target; first oil expected 2026.
- Whiptail (FPSO Jaguar, by SBM Offshore) — Final Investment Decision Apr. 12, 2024; 250,000 b/d; online by end-2027; brings total installed capacity to 1.3 million b/d.
Discoveries and resource base
- Since 2015, the Exxon-led group has announced dozens of discoveries in Stabroek; official tallies put discoveries at 46 in the Stabroek Block (52 across all offshore blocks).
- Guyana’s estimated recoverable resources have now climbed to 11.6 billion barrels of oil equivalent.
The laws that reshaped the sector (2021–2025)
- Local Content Act (No. 18 of 2021) — Passed Dec. 29, 2021, prioritizes Guyanese people and firms in the oil-and-gas supply chain and created a Local Content Secretariat.
- Petroleum Activities Act (No. 17 of 2023) — Gazetted Aug. 16, 2023, replacing the 1986 law and updating oversight for exploration, production, storage and transport.
- Oil Pollution, Prevention, Preparedness, Response & Responsibility Bill (2025) — Passed May 17, 2025; imposes strict liability, financial assurance, and allows license suspension for non-compliance—materially tightening environmental accountability.
Outlook beyond 2025
- Capacity trajectory: With Uaru (2026) and Whiptail (by end-2027), Guyana is on pace for 1.3 million b/d installed capacity by 2027.
- Potential scale by 2030: Exxon’s reporting points to 1.7 million b/d potential later this decade if additional projects proceed.
- Gas monetization: The Exxon-led consortium is evaluating offshore gas development post-2029/2030.
