Guyana has emerged as a key contributor to global oil production at a moment when the industry faces a critical need for additional supply, Simon Flowers, Chairman of Wood Mackenzie, said on February 17 at the fifth Edition of the Guyana Energy Conference and Supply Chain Expo.
Speaking at the conference, Flowers highlighted the scale and strategic importance of Guyana’s offshore discoveries.
“The industry will need an additional 20 million barrels per day of new supply by the middle of the next decade,” Flowers said. “Guyana has been a blessing, coming along just at the right time.”
Guyana remains among the world’s fastest-growing oil producers. Production averaged about 716,000 b/d in 2025, driven by ExxonMobil’s Stabroek Block with co-venturers Hess and CNOOC. When the fifth project, Uaru, comes on stream, production will be pushed beyond one million b/d by 2027.
Flowers explained that Guyana’s Stabroek Block discoveries, starting with the Liza field in 2015, have transformed expectations for production timelines and economic impact.
“From discovery to first production typically takes nine years for large deepwater fields; in Guyana, it took just five years to first oil, and the pace to reach one million barrels per day is remarkably fast,” he said, noting that this speed generates early cash flow and significant value for investors and the government.
According to Flowers, Guyana is projected to make the second-largest contribution to non-OPEC production growth over the next decade, behind only Brazil. He also emphasized the low-cost, high-value nature of the discoveries. “These ‘advantage barrels’ have a break-even cost of about US$26 per barrel, making them highly resilient to market fluctuations.”
He added that the sector’s growth has catalyzed massive investment in infrastructure and offshore development. “ExxonMobil, Chevron, and CNOOC are investing billions annually to develop Guyana’s reserves, transforming the economy and securing long-term government revenues,” Flowers said.
On gas development, Flowers pointed to emerging window for Liquefied Natural Gas (LNG) exports. “Timing for LNG is favorable. The global market is seeking reliable, competitively priced sources, and Guyana can play a key role in meeting that demand while supporting domestic energy needs and government income.”
ExxonMobil has already reaffirmed that LNG remains a viable option for developing Guyana’s gas resources.
The company is examining how best to monetize gas from the southeast portion of the Stabroek Block, where extensive studies and appraisals are underway.
