Guyana Surpasses Venezuela as Second-Largest Oil Producer in South America

Guyana's oil boom is gaining momentum as it emerges as a major player in South America's energy landscape. In just four years, the country has gone from its first oil discovery to becoming the continent's third-largest oil producer, pumping nearly one million barrels per day. This rapid expansion of Guyana's offshore oil industry will enhance energy security in the Americas at a critical time, with heightened Middle East tensions sharply impacting global supply.

Official government data shows that Guyana lifted 888,000 barrels of crude oil per day at the end of May 2026, which is 4% lower than the 924,000 barrels being extracted at the start of the month. The country has four active floating production, storage, and offloading (FPSO) vessels operating in offshore Guyana, with a fifth, named the Errea Wittu, expected to start up during 2026 when the Uaru project comes online.

ExxonMobil's $12.7 billion Uaru project is set to add 250,000 barrels per day to Guyana's petroleum output, lifting production over one million barrels daily and allowing the country to surpass Venezuela as South America's second-largest oil producer behind Brazil.