COUNTRY:  GUYANA.

Guyana has reached a major milestone in its rapidly expanding offshore oil industry, with ExxonMobil and its co-venturers producing the one-billionth barrel of oil from the Stabroek Block. As Trend News Agency reported on September 29, the milestone was reached less than seven years after production began at the Liza field in December 2019. The Stabroek Block now comprises four major offshore developments — Liza Phase 1, Liza Phase 2, Payara and Yellowtail — supported by four floating production, storage and offloading vessels, with installed production capacity exceeding 900,000 barrels per day.

The rapid expansion of production is also generating substantial revenues for Guyana. According to Guyana’s Department of Public Information, the country produced 163.3 million barrels of crude oil during the first half of 2026, compared with 115.7 million barrels during the same period in 2025, while average daily production increased to approximately 902,000 barrels. The government reported that crude-oil exports generated US$15.05 billion in the first six months of the year and projected petroleum revenues of nearly US$6.5 billion for 2026, reflecting the continuing expansion of production from the Stabroek Block.

Production is expected to continue rising as additional offshore projects come on stream. ExxonMobil’s September 28 announcement said the Uaru project is expected to begin production by the end of 2026, while Whiptail is targeted for 2027 and Hammerhead for 2029. ExxonMobil said these projects could eventually help take Guyana’s production capacity toward approximately 1.7 million barrels per day if all eight planned developments proceed. The one-billion-barrel milestone therefore comes as Guyana’s offshore sector enters another phase of expansion, with increasing oil production and revenues becoming an increasingly important part of the country’s economy.

Photo Source: Exxon MobilAuthor: Olivia Adams.