Guyana oil industry to grow to over 1 Million Barrels a Day

Rashaed Esson

Staff Writer

#Guyana, May 5, 2023 – Guyana’s oil industry is expected to see massive growth from 380,000 barrels per day to over 1,100,000 by mid-2027 due to the newly approved ExxonMobil Uaru Field Development Plan, a multi-million dollar investment.

The Uaru project values approximately US$12.683 billion and it is expected to produce 812 million barrels of oil for the first 20-year license period (the Uaru Petroleum Production license was issued with the plan approval), with 44 wells, 21 producers and 23 water and gas injectors.

Additionally, as highlighted by a report from the Department of Public Information (DPI), the project will rank Guyana higher in the oil industry as one of the only 11 countries globally that is producing more than one million barrels of oil daily.

ExxonMobil has had a  long-term commitment to sustainable economic growth in Guyana and according to Liam Mallon, President of ExxonMobil Upstream Oil and Gas, their investment in the island demonstrates said commitment.

“Our Guyana investments and unrivaled development success continue to contribute to secure, reliable, global energy supplies at this critical time,” he said.

The Uaru Project is Exxon’s fifth multi-billion dollar investment in Guyana, and is now the fifth approved production operation for offshore Guyana within the Stabroek Block, the 6.6 millionaire offshore oil reservoir off the island’s Atlantic Coast.