Guyana reached unprecedented heights in 2024, with an estimated 225.4M barrels of crude oil produced
The oil industry in Guyana reached unprecedented heights in 2024, with an estimated 225.4 million barrels of crude oil produced. This is an expansion of 57.7 per cent. Prosperity, Guyana’s third Floating, Production, Storage, and Offloading (FPSO) vessel, had a significant increase in production, which was the main driver of the sector’s growth.
The average daily output in the Stabroek Block was 616,000 barrels, according to Dr. Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance and the Public Service, who presented the Budget 2025 to the National Assembly on Monday.
“The Liza Destiny was producing an average of 149,000 barrels of oil per day, the Liza Unity produced 231,000, and Prosperity producing 236,000 barrels of oil per day,” Minister Singh said.
In April of last year, ExxonMobil, the operator of the Stabroek Block, received a Petroleum Production Licence from the government for Whiptail, its sixth development project. Another FPSO vessel that was chosen for this most recent advancement, Jaguar, is currently in progress.
These ships will collectively generate more than half a million barrels of oil every day. With development drilling to begin in the second part of this year, Whiptail’s first oil is anticipated to be produced by the end of 2027 or the beginning of 2028.
Additionally, the senior minister cited the rise of numerous other important sectors within the nation’s extractive industry, including the bauxite mining sector, which increased by 49.3%, and the gold mining sector, which grew by 0.5%.
