ExxonMobil’s oil production in Guyanese waters has now passed 650 million barrels since operations began in December 2019, marking one of the fastest oil booms in recent history.
The first three projects — Liza Phase 1, Liza Phase 2, and Payara — have all crossed major thresholds. Liza 1 has produced more than 250 million barrels, Liza 2 over 270 million, and Payara already 135 million. Together, they are averaging around 660,000 barrels per day, giving Guyana a powerful position in global oil markets.
Production is set to surge further with the start-up of the Yellowtail project this month. By late 2025, daily output is projected to reach 786,000 barrels, with a rapid ramp-up expected by year’s end. Beyond that, the Uaru and Whiptail projects, each slated to add 250,000 barrels per day, will push national capacity above 1.4 million barrels per day.
That would make Guyana the top crude oil producer per capita worldwide, ahead of Kuwait and Qatar.
The financial gains are already being felt. This year alone, Guyana has received more than US$1 billion in oil revenues, a figure expected to rise to US$2.5 billion in 2025. By the end of the decade, government income could reach US$10 billion annually as cost recovery declines and production climbs higher.
The government says the money is being used for national development. Free tuition at the University of Guyana, construction of 12 hospitals, new roads and bridges, improvements in agriculture, better salaries, and upgrades to schools and health care have all been linked to oil revenues. Leaders of the ruling PPP/C party say these investments will continue as production and earnings expand.
Source: Guyana PIS.
