Oil production in Guyana’s Stabroek block is projected to reach an average of 1.2 million barrels per day by the end of 2027, according to President Dr. Mohamed Irfaan Ali.
President Ali disclosed this information during a media conference held at the Office of the President on Wednesday. Currently, Guyana’s crude oil production stands at an average of 400,000 barrels per day.
President Ali also provided an overview of Guyana’s performance in various sectors, including health, education, agriculture, housing, sustainable energy, and water.
A promising future for Guyana’s oil sector
Regarding oil and gas, the president highlighted that increased production of medium-grade crude with low sulfur content is expected to generate government revenues of approximately US $10 billion annually by the end of the decade.
He emphasized the growth of the Natural Resource Fund, which will be utilized for the modernization of healthcare, education, and agriculture, fueling the new economy, as well as expanding the overall economy through revenues from the oil and gas sector.
The latest news from Guyana & The Caribbean
Read more articles about Guyana from Caribbean National Weekly
From international interest to global oil producer
Guyana’s total recoverable oil reserves currently stand at over 11 billion barrels, ranking 17th in the world and third in Latin America and the Caribbean in terms of crude oil reserves. Since the discovery of oil offshore Guyana in 2015, the country has seen a significant increase in international interest, particularly due to its oil potential and development in various sectors supported by funds acquired from oil and gas production.
Industry analysts estimate that by 2035, Guyana’s oil output will surpass that of the United States, reaching 1.7 million barrels per day. This projection positions Guyana as the fourth-largest oil producer globally.
