Oil sector grew by 57.7 per cent in 2024

Guyana’s oil sector soared to new heights in 2024 with an estimated production of 225.4 million barrels of crude oil. This represents a 57.7 per cent expansion.

Growth in the sector was driven primarily by the acceleration of production on Prosperity, Guyana’s third Floating, Production, Storage and Offloading (FPSO) vessel.

During his presentation of Budget 2025 in the National Assembly on Monday, Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr Ashni Singh said daily production in the Stabroek Block averaged 616,000 barrels.

“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,” the minister said.

In April last year, the government issued a Petroleum Production Licence to ExxonMobil, the operator of the Stabroek Block for its sixth development project, Whiptail.

Construction of Jaguar, another FPSO vessel identified for this newest development is well underway. When combined, the vessels will produce over half a million barrels of oil per day.

Whiptail’s first oil is targeted for the end of 2027 or early 2028 with development drilling to start in the second half of this year.

The senior minister also noted the expansion of several other key sectors within the country’s extractive industry, such as the 0.5 per cent growth in the gold mining industry, and the 49.3 per cent increase in the bauxite mining sector.