Offshore oil production in Guyana closed 2024 with a record-breaking output of over 200 million barrels, solidifying the country’s status as a major player in the global oil market.
The Government of Guyana projected in its 2024 mid-year report that oil exports would generate approximately USD18.6 billion in revenue by yearend. This income is shared between Guyana and the Stabroek Block co-venturers: ExxonMobil Guyana, Hess, and CNOOC, which have invested heavily in the country’s expanding oil sector.
Offshore production is driven by three projects: Liza 1, Liza 2, and Payara. The total production capacity of these projects is approximately 660,000 barrels per day (b/d). The individual capacities are approximately 160,000 b/d for Liza 1, 250,000 b/d for Liza 2, and 250,000 b/d for Payara. Click here to read more.
