Guyana is forecast to become South America’s wealthiest nation


Oilprice.com projects that the Guyanese economy is forecast to expand by over 14 per cent to see GDP exceed $70 billion in 2026 and will in a short time become South America’s wealthiest country on a GDP per capita basis.


The analyst source reported on March 25, 2025, that Guyana is projected to become the world’s largest per capita oil producer, with production anticipated to exceed one million barrels per day by 2027.

Guyana has become a major player in the global oil market due to substantial offshore oil discoveries, particularly within the Stabroek Block led by ExxonMobil.

The rapid development of the Caribbean nation's oil industry has led to exponential economic growth, making it the world’s fastest-growing economy in 2024. For 2024, Guyana experienced GDP growth of 43.8 per cent, valued at US$63 billion making it the world’s fastest growing economy.

Matthew Smith of Oilprice.com reports that Guyana, a nation of less than one million is on track to become the continent’s second-largest oil producer.

It is projected to become the largest per capita oil producer, with production anticipated to exceed one million barrels per day by the end of 2027.

The 6.6-million-acre Stabroek Block is a success for ExxonMobil.  The company and its partners are responsible for making 46 discoveries in the Stabroek Block since 2015, which are estimated to contain at least 12 billion barrels of oil resources. There are now three floating production, storage, and offloading (FPSO) vessels operating in the Stabroek Block: Liza, Unity Gold and Payara Gold. Eventually, there will be six FPSOs operating by 2027, with the capacity expected to exceed 1.3 million barrels per day, it is noted.

The report states that, while analysts anticipate that the Exxon-led consortium will be pumping 1.3 million barrels per day from the Stabroek Block by the end of 2027, that number could be significantly higher. When operational, the Uaru and Whiptail projects will add a combined 500,000 barrels per day of production capacity to the Stabroek Block, which, with 900,000 barrels per day already being lifted, should see output rise to 1.4 million barrels daily.

In a 2012 assessment, the USGS estimated the Guyana-Suriname Basin had recoverable undiscovered oil resources of 13 billion barrels. That number is only slightly higher than the 11.6 billion barrels discovered by Exxon in the Stabroek Block.

There is considerable petroleum potential waiting to be exploited in offshore Guyana, which will boost reserves and production for Guyana to become a leading global oil exporter.



Information source: Oilprice.com

Photo: itapworld.com

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more