Guyana's Oil Boom Sets Sights on $50 Billion GDP

Oil production in Guyana is expanding rapidly, transforming the country's economy. Since oil was discovered in the offshore Stabroek Block in 2015, development has commenced and production started in December 2019.

Guyana is now South America's third-largest oil producer after Brazil and Venezuela, with crude output exceeding 900,000 bpd. The country aims to reach one million barrels per day by the end of this year.

The government plans to monetize Guyana's gas resources and expand economic benefits. By 2026, GDP growth is expected to be around 20.8%, driven by a 17.9% increase in oil production and projected oil revenues of $6.50 billion.