Guyana, one of the newest oil-exporting countries in the world, is set to reach oil exports of over one million barrels per day for the first time in December 2023. This success marks another milestone for this small South American country.
December Loading Program and New Exports
According to the initial December loading program, Guyana has planned 33 million barrels of crude oil for export, equivalent to about 1.06 million barrels per day. The first shipment of a new type of crude oil from Guyana, named Uaru, is scheduled for December 11 to 12, and total Uaru exports are expected to reach four million barrels this month.
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Industrial Developments and Production Capacity
Hydrocarbon development in Guyana began in 2015 when ExxonMobil discovered significant oil resources in the Stabroek offshore block. Commercial production started in December 2019 with the development of the Liza Phase 1 and the Liza Destiny floating production, storage, and offloading unit, which was initially designed for a production of 120,000 barrels per day. Since then, this development has rapidly continued.
In February 2022, ExxonMobil brought the Liza Unity floating unit into production, adding 220,000 barrels per day to the production capacity. In November 2023, the Prosperity floating unit reached the Payara development, and the ONE GUYANA floating unit will also add to the Yellowtail development in August 2025, contributing another 250,000 barrels per day to national production capacity.
With these developments, ExxonMobil has confirmed that production will reach 900,000 barrels per day by November 2025. This recent success follows another historic achievement in September 2026 when ExxonMobil announced that total production from the Stabroek block had surpassed one billion barrels.
Future Developments and Economic Impact
Future developments in Guyana's oil industry include the $12.7 billion Uaru project, which is being developed around the Errea Wittu floating unit and has a production capacity of 250,000 barrels per day and a storage capacity of about two million barrels. This project is expected to come online in December 2026 and will be Guyana's fifth production development.
Currently, the government of Guyana is reviewing its development plan and production license application. These eight projects could increase installed production capacity to about 1.7 million barrels per day by 2030. These developments are significantly transforming Guyana's economy.
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