Guyana is rapidly exploiting its oil resources, and this small South American country has recently become the third largest oil producer in the region. Oil production in the Stabroek field began in 2015 and was commissioned in December 2019. According to Guyana's Minister of Natural Resources, Vikram Bharat, the country's oil production has currently reached over 900,000 barrels per day and is expected to increase to over one million barrels per day by the end of the year.
Economic Growth and Future Projections
Due to the increase in oil production, Guyana is experiencing significant economic growth. It is projected that the country's GDP will grow by 20.8 percent in 2026, largely due to a 17.9 percent increase in oil production and projected oil revenues of $6.5 billion. Oil production contributed to a 63.3 percent growth in 2022, 33.8 percent in 2023, 43.6 percent in 2024, and 10.3 percent in 2025.
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Challenges and Opportunities in Managing Oil Revenues
Despite these advancements, there are concerns about how to manage oil revenues and distribute them among the people. Thomas Singh, an economist at the University of Guyana, has pointed out that Guyana receives only 14.5 percent of its oil revenues from Exxon operations, which is significantly lower compared to other countries like Norway and Brazil. However, Alistair Routledge, Exxon’s operations manager in Guyana, emphasized the existence of revenue enhancement mechanisms for the country.
At the same time, the Guyanese government has announced extensive plans for investment in various sectors, including the construction of 40,000 housing units, infrastructure, health, and education. With a population of about one million, the value of each person from the country’s oil resources has become one of the highest rates in the world.
Expectations for this country are rising, especially considering future projects like the $12.7 billion Uaru project and other oil projects, which are projected to increase oil production to 1.3 million barrels per day by 2027 and 1.7 million barrels per day by 2030. This growth will help Guyana become one of the high-income countries.
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