Guyana’s oil production is on an upward trajectory, headed for 900,000 barrels per day (b/d) next year. By then, the country is poised to become the world’s largest per capita producer of oil.
The three operating projects – Liza 1, Liza 2, and Payara – have demonstrated peak production levels totaling 645,000 b/d altogether.
ExxonMobil Guyana’s new Production Manager, Huzefa Ali said during a Feb. 6 press conference: “… We continue to look to understand what constraints are and test opportunities to safely increase capacity.”
While the Liza projects have been optimized, there is likelihood for Exxon to pursue optimization of the Payara project, which is already demonstrating it can produce 230,000 b/d.
Exxon’s President, Alistair Routledge said, “I know there are always questions about [optimization] and I want to reassure that safety is always the priority.”
A new project, Yellowtail, is expected to start production in 2025. With an initial production target of 250,000 b/d, the project is poised to take Guyana to the #1 per capita spot, given the country’s small population of less than 800,000 people.
It was Arthur Deakin of Americas Market Intelligence (AMI) who pointed out in 2021 that Guyana will take the #1 per capita spot. He had said the country will also become the 23rd largest oil producer in the world and the 4th largest Latin American producer based on 2020 volumes.
Exxon holds a 45% stake in the Stabroek Block, with Hess owning 30% and CNOOC holding 25%.