Guyana Q1 oil production sees 3% YoY increase

GlobalData

Fri, Apr 25, 2025, 7:05 AM 2 min read

Guyana has reported a 3% increase in oil production in March, reaching an average of 631,000 barrels per day (bpd) compared with the same period last year.

However, there was a slight dip in March output to 627,000bpd from February, reported Reuters, citing data from the country's Energy Ministry.

In 2024, Guyana emerged as Latin America's fifth-largest oil exporter, trailing behind Brazil, Mexico, Venezuela and Colombia.

The nation is poised for further growth with the anticipated installation of a fourth floating production facility for the Yellowtail project, which is expected to increase capacity to around 940,000bpd.

The consortium leading Guyana's oil and gas operations, headed by US major ExxonMobil, recorded an output of approximately 613,000bpd in the first quarter of the previous year.

The government forecasts a surge in production to an average of 786,000bpd, driven by the commencement of the Yellowtail project, Exxon's fourth venture in the country.

Negotiations are currently in the final stages between the Exxon group and the government regarding the release of a section of the vast Stabroek offshore block.

The Finance Ministry earlier reported oil revenue of $605.46m from royalties and sales in the last quarter of the previous year.

This revenue includes the export of seven cargoes of crude from the government's share of production within the country.

In a move to expand its natural gas operations, ExxonMobil announced plans in February to increase gas production in Guyana.

This project aligns with the government's request for a greater gas supply to support onshore power generation and petrochemical industries.

With ExxonMobil's offshore activities having catapulted Guyana to the status of the world's "fastest-growing" oil producer, the government is focusing on the more efficient use of associated natural gas.

"Guyana Q1 oil production sees 3% YoY increase" was originally created and published by Offshore Technology, a GlobalData owned brand.

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