Guyana Oil Production Surpasses 900k Barrels Per Day

Guyana's oil production has surpassed 900,000 barrels per day, according to Minister of Natural Resources Vickram Bharrat. The country aims to reach over 1 million barrels per day by the end of 2026.

The discovery of oil in the Stabroek block in 2015 and its first production in December 2019 have made Guyana South America's third-largest oil producer after Brazil and Venezuela.

Thanks to its expanding oil sector, Guyana has seen significant economic growth. Its GDP is expected to grow by 20.8% in 2026, with a projected 17.9% increase in oil production. The country's oil revenues this year are estimated at $6.5 billion.

The National Natural Resource Fund exceeded $3.1 billion at the end of 2024, and the government plans to direct oil funds toward infrastructure, healthcare, education, transport, and housing over the next five years.

However, there is a debate in Guyana over what share of oil profits the state will receive. University of Guyana economist Thomas Singh has criticized the country's 14.5% revenue share from Exxon consortium operations as unfavorable compared to Norway and Brazil.