Guyana’s Oil Riches Are Transforming Its Economy at Breakneck Speed
Oil and Gas Production Climbs Despite Extreme Oil Price Volatility Felicity Bradstock is a writer and journalist based in Mexico City.
She writes for energy websites and covers several other industries, as well as writing… Guyana is starting to see significant profits from its rapidly expanding oil operations, with much more expected to come.
Oil was first discovered in the offshore Stabroek Block in 2015, with development commencing soon after, and production starting in December 2019.
This has transformed Guyana into South America’s third-largest oil producer, after Brazil and neighbouring Venezuela.
Guyana’s oil productioncould surpass one million bpdby the end of the year, with crude output already exceeding 900,000 bpd, according to Guyana’s Minister of Natural Resources Vickram Bharrat.
The plan now is to monetise Guyana’s gas resources and to expand the economic benefits, said Bharrat.
The tiny South American country is expected to see around 20.8 percent GDP growth in 2026, driven by an anticipated 17.9 percent increase in oil production and projected oil revenues of $6.50 billion.
Crude production supported GDP growth of 63.3 percent in 2022, 33.8 percent in 2023, 43.6 percent in 2024, and 10.3 percent in 2025.
This development has helped accelerate Guyana’s progress towards becoming a high-income economy, according to the International Monetary Fund, with Guyana’s Natural Resource Fund growing to over $3.1 billion by the end of 2024.
Following a strong 2026, the government aims to produce around 1.3 million bpd of crude by 2027 and 1.7 million bpd by 2030.
Meanwhile, upcoming developments, such as the $12.7 billion Uaru project, Whiptail, Hammerhead, and Longtail, are together expected to significantly boost production.
This could help raise Guyana’s oil revenues and contribute to the country's GDP reaching between $50 billion and $69 billion by 2030.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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