Guyana Hits Record Three-Quarter Million Barrels of Oil Per Day

• Total offshore production from Guyana’s Stabroek Block has hit over 700,000 barrels of oil per day, President of ExxonMobil Guyana Limited Alistair Routledge confirmed at a press briefing on Monday, October 13.
• The start-up of the Yellowtail development is behind the spike. The project struck oil on August 8. According to Routledge, Yellowtail production was “around 740,000 barrels per day in September”. Production is now somewhere around 770,000 barrels per day.
• Yellowtail is the fourth producing project offshore Guyana, joining Liza 1, Liza 2, and Payara. Together, the developments give the country more than 900,000 b/d of installed production capacity. All four are situated in the prolific Stabroek Block, operated by ExxonMobil, along with partners Hess, which was recently acquired by Chevron, and CNOOC.
• With a gross domestic product (GDP) growth projected at 10.3%, Guyana is the fastest-growing economy in the Latin America and the Caribbean region by a significant margin according to the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
• Guyana’s explosive growth is largely due to the considerable investment and ongoing development in its oil and gas industry with ExxonMobil and its partners having outlined plans to boost output capacity to 1.7 million barrels of oil equivalent per day by 2030. Guyana grew by 43% in 2020, peaked at 63% in 2023, and is forecasted to grow by an additional 10.3% in 2025.

(Sources: Oil Now & ECLAC)