Guyana Surpasses Venezuela as South America's Second-Largest Oil Producer

Guyana's oil boom is gaining momentum as the country cements its place among South America's leading oil producers. With nearly one million barrels per day being extracted, Guyana has surpassed Venezuela and is now second only to Brazil in terms of petroleum output. The rapid expansion of Guyana's offshore oil industry will enhance energy security in the Americas, particularly at a time when heightened Middle East tensions are impacting global supply.

The former British colony's production growth is largely driven by ExxonMobil's $12.7 billion Uaru project, which is expected to add 250,000 barrels per day to Guyana's petroleum output once it reaches capacity. This will bring total production to over one million barrels daily and solidify Guyana's position as a major oil exporter.

Exxon is also developing three additional projects in the Stabroek Block, which holds an estimated 11 billion barrels of oil. The first two projects, Whiptail and Hammerhead, are expected to come online in late 2027 and 2029, respectively, while the third project, Longtail, will start operations in 2030.