Guyana’s oil production is expected to surpass one million barrels per day by the end of 2026, creating even greater opportunities for local businesses and investors as the country’s petroleum sector continues to expand.
The projection was highlighted on Tuesday during the opening of the fourth Local Content Summit at the Houston Event Centre, Four Points by Sheraton in Georgetown.
Addressing participants, Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, said Guyana’s economic transformation is far from complete and encouraged the private sector to prepare for the opportunities that lie ahead.
“Imagine, if you consider the transformation that we’ve already achieved and the business opportunities already achieved, contemplate what the next five years hold for us as a country and for you as private investors in Guyana,” Dr Singh said.
He noted that oil output has increased rapidly since production began in 2019 and currently exceeds 900,000 barrels per day from developments including Liza I, Liza II, Payara and Yellowtail. With the addition of the Uaru project, production is expected to move beyond the one-million-barrel mark.
Dr Singh also pointed to the impact of the country’s Local Content framework, noting that more than 2,500 Guyanese vendors have already secured in excess of US$2.5 billion in contracts and procurement opportunities.
“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,” he said.
Meanwhile, Minister of Natural Resources Vickram Bharrat said Guyana’s development is being driven not only by oil revenues but also by effective governance and strategic planning.
“Guyana is Dubai on steroids. That is the pace of development that is taking place,” Bharrat told the gathering.He added that strong leadership and sound management have been key factors behind the country’s progress.
The two-day summit, being held under the theme “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 wider economy.
