Guyana’s oil production set to reach 1.2 million bpd by 2027 – President Ali

Oil production in Guyana’s Stabroek block is projected to average some 1.2 million barrels of oil per day by the end of 2027.

This is according to President Dr Mohamed Irfaan Ali at a media conference held at the Office of the President, Georgetown on Wednesday.

Currently, Guyana’s crude oil production is averaged at some 400,000 barrels of oil per day.

President Ali gave a breakdown of Guyana’s performance across a range of sectors. These included health, education, agriculture, housing, sustainable energy and water, among others.

In his breakdown of Guyana’s performance in oil and gas, the president noted that, “Increased production of our medium grade crude with low sulphur content has government revenues projected to be US $10 billion annually by the end of the decade. Our Natural Resource Fund, as you know, is growing, and we are looking to the modernisation of our country’s health, education, agriculture, and the fuelling of the new economy and expansion of the economy from revenues from the oil and gas sector.”

At present, Guyana’s total recoverable oil reserves stand at more than 11 billion barrels of oil, with crude oil reserves ranking at number 17 in the world and third in Latin America and the Caribbean.

Since the discovery of oil offshore Guyana in 2015, international interest has increased in the country, especially for its oil potential and the potential of various developing sectors—a development driven by funds acquired from the production of oil and gas.

Industry analysts estimate that by 2035, just over a decade from now, Guyana’s oil output will reach some 1.7 million barrels of oil per day, surpassing United States oil production and becoming the fourth-largest oil producer in the world.