The report noted that Guyana’s fourth FPSO, which forms part of the Yellowtail development project, began production offshore Guyana in early August 2025 and reached its peak capacity of 250,000 barrels per day in November that year.

“Guyana’s fourth FPSO – Yellowtail development project began production offshore Guyana in early August 2025 and the One Guyana FPSO achieved its peak capacity of 250,000 bps in November 2025,” the report stated.

According to the report, the vessel’s ramp-up to full production capacity has significantly boosted the country’s overall output.

“The ramp-up of the FPSO to full capacity has reportedly taken Guyana’s daily production level to an estimated 900,000 bpd,” the report said.

The NRF report also indicated that production could rise even further if regulatory approval is granted for additional output from the One Guyana FPSO.

“However, this daily production level could be further increased, as the One Guyana FPSOs is reported to have the potential to ramp-up to a maximum capacity of 290,000 bpd, subject to government approval,” the report added.

The report highlighted that production levels have also been supported by strong performances from Guyana’s other offshore developments. The Liza Destiny FPSO is reportedly producing above its designed capacity of 120,000 bpd, while the Liza Unity and Prosperity FPSOs are also operating above their expected capacities of 220,000 bpd each.

Looking ahead, Guyana’s production is expected to continue expanding. The Uaru development, approved in April 2023, is slated to begin operations in the latter half of 2026 and is expected to add approximately 250,000 bpd. The Whiptail project, approved in 2024, is expected to contribute another 250,000 bpd when it comes on stream by the end of 2027.

Further developments, including Hammerhead and Longtail, are also progressing, with the NRF report projecting that Guyana’s oil production could reach approximately 1.5 million barrels per day by the end of the decade.

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.

The report noted that while much of the global attention has centred on the economic impact of higher crude oil and natural gas prices following the effective closure of the Strait of Hormuz, several oil-producing nations stand to gain from the surge in energy prices.

Guyana was listed alongside countries such as Argentina, Brunei, Gabon, Nigeria, Algeria and Malaysia as potential beneficiaries.

According to Reuters, the countries in this category share several characteristics that place them in a favourable position during periods of energy market disruption. These include the ability to export crude oil, produce refined fuels or meet domestic fuel needs, while some also benefit from liquefied natural gas (LNG) production.

The analysis further highlighted that a number of these countries have sizeable agricultural sectors, helping to cushion the effects of rising food prices that can result from increased costs for fertiliser, fuel and transportation.

Guyana’s growing oil sector has transformed the country into one of the world’s fastest-growing economies, with crude production continuing to expand from the Stabroek Block offshore developments.

The Reuters report suggests that countries with energy exports and stronger food production capacity are better positioned to weather the inflationary pressures being experienced by many net-importing nations as global markets respond to developments in the Middle East.

In its first quarter results released on April 26, the company said its backlog now stands at US$7.5 billion, underpinned by fresh contracts across multiple regions, including a new one-well deal in Guyana.

Among the key developments is a contract for the Noble Developer drillship, which will continue operating for ExxonMobil offshore Guyana at a dayrate of US$375,000. The contract is expected to begin in early 2027, directly following its current programme.

Guyana remains a major hub for offshore drilling activity, as companies expand exploration and development campaigns in the Stabroek Block, where ExxonMobil and its partners have already driven production to over 900,000 barrels per day.Noble’s President and CEO, Robert Eifler, said the company entered the year with “solid operational and financial results,” noting that contract activity remains strong.

“Commercial momentum remains brisk… We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year,” he stated.

For the first quarter of 2026, Noble reported net income of US$121 million, up from US$87 million in the previous quarter, while adjusted EBITDA rose to US$277 million.

Revenue for the period stood at US$786 million, supported by improved fleet utilisation, which climbed to 68% from 64% in the previous quarter.

The company also generated US$273 million in operating cash flow and US$169 million in free cash flow, highlighting strong cash generation despite ongoing capital spending. Noble said tightening market conditions for offshore rigs are pushing dayrates higher, particularly for high-specification drillships, where rates are now trending in the low-to-mid US$400,000 range.

This trend aligns with broader industry developments, as global oil demand and supply uncertainties continue to drive investment in offshore projects. Guyana, in particular, remains one of the fastest-growing oil provinces globally, with multiple new development, including Yellowtail and Uaru, set to further boost output in the coming years.

The company’s latest contract wins also include a three-year extension with Petrobras for the Noble Courage and a multi-well programme with Woodside in Australia, signalling sustained demand across key offshore basins.

Looking ahead, Noble maintained its full-year 2026 revenue guidance of between US$2.8 billion and US$3 billion, with adjusted EBITDA expected to range from US$940 million to US$1.02 billion. However, capital expenditure guidance was increased to as much as US$665 million due to the reactivation of one of its rigs.

Eifler said improving fundamentals in the offshore sector are expected to support stronger earnings visibility.

“With tightening floater fundamentals, the trajectory for dayrates, contract duration and earnings visibility is improving,” he said, adding that the company anticipates “a meaningful financial inflection” in the year ahead.

This is according to an April 20, 2026 analysis by Rystad Energy, which found that South America is emerging as a critical source of new oil production, with Guyana playing a central role alongside Brazil and Suriname.

The report comes amid rising geopolitical tensions affecting supply routes, particularly around the Strait of Hormuz, which has triggered a sharp upward revision in oil price forecasts. Rystad’s Senior Vice President for Oil and Gas Research, Radhika Bansal, said the shift has placed the region in a strategic position globally.

“The Middle East conflict has done more than spike oil prices – it has exposed how dangerously concentrated global supply chains are around the Strait of Hormuz. South America is now positioned as the world’s most consequential source of incremental supply. The region offers scale, geologic quality and relative political stability at exactly the moment that the world is shopping for alternatives,” she said.

According to the report, offshore developments in Guyana are among the most immediate opportunities to increase global oil supply.

“Offshore developments in Brazil, Guyana and Suriname represent the most immediate source of upside,” the analysis stated, noting that fast-tracking projects across these markets could deliver more than one million barrels of oil equivalent per day over the next decade.

In Guyana’s case, ExxonMobil is targeting production of up to 300,000 barrels per day (bpd) from its Yellowtail development, which has already started producing at an average of 250,000 bpd. Rystad further noted that additional gains could come from optimising existing operations, estimating that similar debottlenecking efforts could unlock between 80,000 and 90,000 bpd across projects such as Errea Wittu, Jaguar and Hammerhead. However, the report made it clear that the biggest production gains will come from new developments rather than expanding existing ones, pointing to earlier final investment decisions (FIDs) as critical to unlocking further growth.

While Guyana and its regional counterparts hold significant untapped potential, Rystad warned that capturing that upside will depend heavily on execution and investment conditions.

“The pace of growth across South America will depend less on resource availability or economics and more on execution capacity, supply-chain constraints and the broader investment environment,” Bansal explained.

“Countries that provide clear fiscal and regulatory frameworks are better positioned to accelerate project sanctions and capture the upside from higher prices. Those that hesitate or are slow to move will simply watch the capital flow elsewhere.”

The report also highlighted that limited global capacity to build floating production, storage and offloading (FPSO) vessels could slow the pace of expansion, even as demand for new projects grows. Rystad’s analysis projects that higher oil prices could significantly boost government revenues across South America, reinforcing the sector’s importance to national economies. At current production levels, the firm estimates that governments in the region could see an additional US$43 billion in revenues this year alone compared to earlier forecasts.

Speaking on his Tea on the Terrace podcast, the President said the initiative is aimed at ensuring Guyanese are equipped with internationally recognised skills to compete in the rapidly expanding energy sector.

“This is about investing in our people and building a workforce that can compete globally,” he said, noting that each trainee represents a significant national investment.

The modern facility, commissioned on February 15, is designed to remove the need for overseas technical training by offering internationally accredited programmes using industry-standard equipment and advanced simulation systems. Government, he explained, is pouring billions into education and training so that locals are positioned to lead the sector’s growth rather than rely heavily on foreign expertise.

Trainees enrolled in the programme say the impact is already being felt. One student described the training as opening doors to opportunities previously out of reach, while others noted that access to world-class certification locally eliminates the financial and logistical barriers of travelling abroad for similar programmes.

The 18-month training programme, delivered through the Guyana Technical Training College Incorporated (GTTCI), focuses on both foundational and advanced skills aligned with operations on Floating Production Storage and Offloading (FPSO) vessels. Training Centre Manager Shaagul Hameeth explained that the institute replicates offshore environments, allowing students to gain practical experience with the same systems used in the industry so they can transition directly into the workforce.

LearnCorp International President and CEO Phil Doody said the move to deliver the programme locally marks a significant step for the region, pointing out that cohorts previously had to travel to Canada for similar training. He described the Port Mourant facility as one of the most advanced of its kind in the Caribbean.

Meanwhile, Minister of Labour and Manpower Planning Keoma Griffith said the investment addresses immediate workforce needs while laying the groundwork for long-term national development. He emphasised that the initiative is not only about filling current vacancies but about preparing a generation of skilled workers to support the country’s energy sector for decades.

The commissioning of the institute forms part of a broader push to strengthen human capital, with the government positioning Guyana as both a producer of energy and a regional hub for technical training.