GEORGETOWN, Guyana, (DPI) – Guyana’s oil and gas industry is on a strong trajectory, with a 67.1 percent expansion in the first half of the year, and an estimated 56.4 percent growth for the full year.
The sector’s continued growth and expansion are a testament to the government’s prudent policies and commitment to effective management.
As of late June, crude oil production had surged to 113.5 million barrels, a significant increase from the 68.7 million barrels produced during the same period in 2023.
This growth, driven primarily by the Prosperity FPSO’s exceptional daily output since its November 2023 startup, has led to a revised annual production projection of approximately 228 million barrels.
This is according to the government’s 2024 mid-year report released on Saturday. The report outlined the expanding number of commercial activities.
Daily production in the Stabroek Block averaged 624,000 barrels per day (BPD) in the first half of this year compared to the approximately 380,000 BPD in the first half of last year.
In April, the government granted a Petroleum Production Licence to ExxonMobil, the operator of the Stabroek Block for the Whiptail Project, its sixth development project.
Construction of Jaguar, another floating, production and offloading (FPSO) vessel identified for this newest development is well underway. It joins the Liza Destiny, Liza Unity, and Prosperity FPSOs, and when combined, will produce over half a million barrels of oil per day.
Whiptail’s first oil is targeted for end-2027 or early 2028 with development drilling to start in the second half of this year.
Furthermore, progress is being made on the Yellowtail and Uaru developments, with the Yellowtail on track for a 2025 start-up.
“With respect to Uaru, hull construction and module fabrication were progressed, and are expected to continue along with module integration, into the second half, keeping first oil on track for 2027,” the report stated.
The Environmental Protection Agency (EPA) is also reviewing an application from ExxonMobil Guyana to develop a seventh oil project at the Hammerhead field in the Stabroek Block.
According to the project summary on the agency’s website, this project is expected to add 120,000 to 180,000 barrels of oil per day (BPD) following start-up in 2029 while gas production is projected to be 60 to 120 million standard cubic feet per day.
While these activities are poised to elevate Guyana’s economy, the government is committed to using the oil and gas sector’s revenues to fund sustainable projects and initiatives.