Guyana Oil Production Hits One-Year Low in August

Guyana's offshore oil production dropped to an average of 832,000 barrels per day (b/d) in August, marking the lowest monthly output in nearly a year, according to government data. This decline represents a decrease of 54,000 b/d, or 6.1%, from July's production level of 886,000 b/d. The reduction was mainly attributed to lower output at the Payara project, which saw a significant drop from 263,000 b/d in July to 207,000 b/d in August. Additionally, production at Liza 2 decreased slightly due to a fire aboard the Liza Unity floating production vessel.

The declines at Payara and Liza 2 were partially offset by higher production at Liza 1, which increased from 108,000 b/d in July to 115,000 b/d in August. Yellowtail, Guyana's newest producing development, maintained steady output at approximately 271,000 b/d. Combined, the four projects produced about 25.8 million barrels during August, with the monthly average being the lowest since September 2025.

Despite the drop in August, Guyana's average production for the first eight months of 2026 stood at approximately 891,000 b/d. The country also marked a milestone in August, with cumulative oil production since first oil in December 2019 surpassing the one-billion-barrel mark. Looking ahead, the upcoming Uaru project is expected to begin production in the fourth quarter of 2026, further boosting Guyana's production capacity.

All of Guyana's current oil production comes from the Stabroek Block, operated by ExxonMobil with a 45% interest. Chevron, through Hess, holds 30%, while CNOOC holds the remaining 25%. The Uaru project, targeting production of up to 250,000 b/d, is set to push Guyana's production capacity to new highs as the country continues its rapid offshore expansion.