Guyana Hits Million-Barrel Export Milestone as Oil Boom Accelerates

The rapid ascent of Guyana’s energy sector centers on the offshore Stabroek Block, where ExxonMobil first discovered resources in 2015. Since commercial production began in 2019 with the Liza Phase 1 project, the country has maintained a relentless expansion. The arrival of the Errea Wittu floating production, storage and offloading vessel marks the fifth major development, with its debut shipment of Uaru crude expected mid-December.

This growth trajectory shows few signs of slowing. With three additional FPSOs scheduled to come online by 2030, including the Whiptail project in 2027 and the Hammerhead development in 2029, national production capacity is projected to reach 1.7 million barrels per day. The eighth project, Longtail, is currently under government review, signaling a shift toward increased natural gas and condensate output as the country moves to maximize its offshore assets.

The economic impact of this production surge is profound. The IMF reported that Guyana’s economy grew by more than 19% in 2025, while the nation’s Natural Resource Fund accumulated $3.3 billion. As a major non-OPEC producer, Guyana has effectively positioned itself as a critical supplier, offering an alternative to traditional markets amid ongoing concerns regarding global shipping security.