Guyana’s oil production to boom come 2027 says President

Rashaed Esson

Staff Writer

#Guyana, July 17, 2023 – Guyana’s oil production is on the road to see a massive boom as oil in its Stabroek block is projected to average some 1.2 million barrels of oil per day by the end of 2027. Guyana’s crude oil production is currently averaged at 400,000 barrels of oil per day.

This was revealed by Dr.  Mohamed Irfaan Ali, President of Guyana on Wednesday July 12th, at a media conference at the Office of the President.

At the conference, Ali also gave an overview of the country’s performance in oil and gas.

He said, “Increased production of our medium grade crude with low Sulphur content has government revenues projected to be US $10 billion annually by the end of the decade.”

He continued to say, “our Natural Resource Fund, as you know, is growing, and we are looking to the modernisation of our country’s health, education, agriculture, and the fuelling of the new economy and expansion of the economy from revenues from the oil and gas sector.”

Additionally, Guyana’s total recoverable oil reserves low is at more than 11 billion barrels of oil, crude oil reserves ranking at number 17 globally and third in Latin America and the Caribbean.

The discovery of Guyana’s oil offshore in 2015 has attracted more interest from the international community.

In fact, industry analysts estimate that by 2035,  the country’s oil output will land 1.7 million barrels of oil per day, surpassing United States and taking the position of the fourth-largest oil producer in the world.