Guyana Set to Surpass 1 Million Barrels Daily Oil Production Threshold

Guyana is on track to become one of the world's top oil producers, surpassing the daily production threshold of 1 million barrels. The country's fifth oilfield, Uaru, will produce approximately 250,000 barrels per day when it comes online in the coming weeks.

The addition of Uaru to Guyana's existing oilfields will bring its total production capacity to over 1 million barrels per day, making it the first country in the Caribbean Community to join the daily million-barrel club. ExxonMobil, along with partners Hess/Chevron and CNOOC of China, has been operating in Guyana since late 2019.

President Irfaan Ali stated that Guyana's share of oil production has increased from 12.5% to 39.8%, as the consortium has recovered its initial $50 billion investment far faster than anticipated due to higher oil prices.