Guyana's oil production reached 908,000 barrels per day by the end of August 2026, and the country is recognized as the third-largest oil producer in South America. Given the geopolitical tensions and declining global oil inventories, the increase in Guyana's production could help alleviate pressure on global oil supply.
Transformation in Guyana's Oil Industry
Guyana, which began oil production in December 2019, has rapidly become one of the main oil producers in the world. The country has attracted significant investments from major oil companies such as ExxonMobil, Chevron, and CNOOC by discovering large oil fields in the Stabroek Block, particularly in the Liza-1 well. Currently, ExxonMobil operates the Stabroek Block with a 45% stake, collaborating with Chevron and CNOOC, which hold 30% and 25% stakes respectively, and has made over 35 high-quality oil discoveries.
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The Stabroek Block has recoverable oil and gas resources of over 11 billion barrels, making Guyana a major non-OPEC oil producer. It is expected that Guyana's oil production will reach about two million barrels per day by the end of the decade.
Increased Production Capacity and New Projects
Currently, four FPSO (Floating Production, Storage and Offloading) vessels are operating in the Stabroek Block. The latest vessel, named One Guyana, began operations in the Yellowtail project in August 2025, with a production capacity of 250,000 barrels per day. Additionally, the Errea Wittu vessel, which arrived in Guyana at the end of August 2026, is set to be deployed in the $12.7 billion Uaru project. This project, with 10 drilling centers and 44 production and injection wells, aims to target a resource with over 800 million barrels of oil.
With the addition of this new capacity, it is expected that Guyana's oil production will exceed one million barrels per day by the end of 2026 and could potentially reach 1.2 million barrels per day.
Furthermore, ExxonMobil is conducting exploratory drilling and assessments in the Stabroek Block and is reviewing new projects such as Uaru Whiptail, Hammerhead, Longtail, and Haimara, which are expected to be operational from 2026 to 2031, adding a total of 650,000 barrels of crude oil, 510,000 barrels of condensate, and three billion cubic feet of natural gas per day to the country's production.
Reports indicate that Guyana's oil exports in the first half of 2026 reached over $15 billion, and annual oil revenues are expected to rise to nearly $6.5 billion. This economic growth has helped Guyana become the fastest-growing economy in the world in 2026.
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