Guyana has reached another major milestone in its rapidly expanding oil industry, with more than one billion barrels of crude oil produced offshore in less than seven years since commercial production began.
ExxonMobil Guyana President Alistair Routledge highlighted the achievement while discussing the country’s rapidly rising oil production and the pace of development in the Stabroek Block.
Commercial oil production began in December 2019 with the Liza Phase One development. Since then, production has expanded through further offshore projects, making Guyana one of the world’s fastest-growing oil-producing nations.
Rapid Growth in Oil Production
Alistair Routledge said Guyana’s current production is approaching 900,000 barrels per day, supported by four floating production, storage and offloading (FPSO) vessels operating in the Stabroek Block.
The rapid increase has been driven by the commissioning of successive developments and the ongoing expansion of ExxonMobil’s offshore operations.
Guyana’s estimated oil resources total approximately 11.6 billion barrels, according to figures cited by the Government. The one-billion-barrel production milestone therefore marks a significant achievement in the country’s relatively short history as an oil producer.
Production Expected to Cross One Million Barrels Per Day
The country’s oil output is expected to increase further before the end of 2026.
Alistair Routledge has indicated that the arrival and start-up of another FPSO could push national production beyond one million barrels per day by the end of the year.
The expected increase would further strengthen Guyana’s position as a major oil producer and place additional focus on the country’s ability to manage its rapidly expanding petroleum sector.
Stabroek Block Remains the Centre of Growth
The Stabroek Block, located off Guyana, remains the primary source of the country’s oil production.
ExxonMobil operates the block alongside its partners, with successive discoveries and development projects contributing to Guyana’s growing petroleum production.
The company has continued to pursue further developments in the block, including the Longtail project, which is expected to have significant oil and gas production capacity.
Oil Boom Transforming Guyana’s Economy
The rapid expansion of oil production has significantly reshaped Guyana’s economic outlook, generating substantial government revenues and attracting increased investment in infrastructure, energy and other sectors.
The country is also preparing for further production growth as new offshore projects come online.
With national output potentially exceeding one million barrels per day by the end of 2026, the latest production milestone underscores the extraordinary pace at which Guyana’s petroleum industry has developed since the first commercial oil was produced in 2019.
For Guyana, the challenge now extends beyond increasing production to ensuring that the country’s oil wealth is effectively managed and translated into sustainable long-term development.