Guyana: Guyana on track for over one million barrels of oil daily by end of 2026

Guyana’s oil production is expected to surpass one million barrels per day by the end of 2026, creating opportunities for local businesses and investors as the country’s petroleum sector continues to grow. This projection was discussed during the fourth Local Content Summit held at the Houston Event Centre, Four Points by Sheraton in Georgetown.

Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, addressed participants and emphasized that Guyana’s economic transformation is ongoing. He encouraged the private sector to prepare for the upcoming opportunities. Dr. Singh stated, “Imagine, if you consider the transformation that we’ve already achieved and the business opportunities already realized, contemplate what the next five years hold for us as a country and for you as private investors in Guyana.” He noted that oil output has increased significantly since production began in 2019, currently exceeding 900,000 barrels per day from developments such as Liza I, Liza II, Payara, and Yellowtail.

With the addition of the Uaru project, production is expected to exceed the one-million-barrel mark. Dr. Singh also highlighted the impact of the country’s Local Content framework, mentioning that over 2,500 Guyanese vendors have secured contracts and procurement opportunities exceeding US$2.5 billion. He stated, “There is nothing written in law that Guyanese companies can only supply these 40 categories of goods and services. If you can produce anything competitively, there is a business opportunity for you.” Meanwhile, Minister of Natural Resources Vickram Bharrat remarked that Guyana’s development is driven not only by oil revenues but also by effective governance and strategic planning.

He described the pace of development as comparable to “Dubai on steroids.” The two-day summit, themed “From Policy to Prosperity: Unlocking Opportunities Through Collaboration,” brings together government officials, investors, private-sector representatives, and industry stakeholders to discuss opportunities within the oil and gas industry and the broader economy.

Source: snn.gy