Guyana’s energy sector reached new heights in 2024, driven by significant growth in crude oil production and notable advancements in renewable energy initiatives.
The country exported 225 cargoes of crude oil over the year, a remarkable 54% increase compared to 2023. This achievement has elevated Guyana to the position of the fifth-largest crude exporter in Latin America, behind Brazil, Mexico, Venezuela, and Colombia.
Minister of Natural Resources, Vickram Bharrat, attributed this surge in exports to the full utilization of the third Floating Production, Storage, and Offloading (FPSO) vessel, Prosperity, in the Stabroek Block.
Speaking at the Ministry’s end-of-year press conference, he noted, “We have seen increases in almost every commodity in almost all the sectors, and that is a significant increase from 2023 again, mainly because of the third project coming into production, and the full optimization of the FPSOs in 2024 compared to when it started out in 2023.”
Guyana’s government received 28 crude oil lifts in 2024, with production contributions from three FPSOs: Liza Destiny, Liza Unity, and Prosperity.
The Minister also confirmed preparations for the arrival of a fourth FPSO, One Guyana, in 2025, which is expected to further enhance the country’s production capacity.
While oil production continues to dominate Guyana’s energy landscape, significant strides are also being made in renewable energy. Prime Minister Brigadier (Ret’d) Mark Phillips highlighted progress in solar energy, reporting that solar PV installed capacity increased by 6.661 megawatts in 2023.
Additionally, the Guyana Energy Agency successfully installed 21 solar mini-grids across the country. Prime Minister Phillips emphasized the government’s commitment to diversifying the energy mix, stating, “It is just about five per cent of our energy needs at this point as I speak, but that is going to increase tremendously over the next year…2025/2026.”
These efforts align with Guyana’s strategy to reduce its dependence on fossil fuels while embracing sustainable energy solutions for future generations. The government is also advancing the gas-to-energy project, which aims to lower electricity costs and reduce greenhouse gas emissions.
Supported by a $526 million loan from the U.S. Export-Import Bank, this project represents a cornerstone of Guyana’s commitment to achieving energy security and environmental sustainability.
As Guyana balances its position as a major oil producer with its renewable energy ambitions, 2024 stands as a landmark year for the nation’s energy sector. The rapid growth and diversification of energy resources reflect the government’s focus on leveraging natural resources to foster economic development while laying the foundation for a sustainable energy future.
