Guyana’s oil output set for major leap as production climbs toward 930,000 barrels per day -Pres Ali
Guyana is preparing for another major jump in oil production, with output moving from roughly 650,000 barrels per day at the start of 2025 to 930,000 barrels per day by year-end, marking one of the most rapid expansions in the global petroleum industry.
The update came as President Dr. Mohamed Irfaan Ali reflected on the country’s accelerating momentum in the oil and gas sector, noting that Guyana is now firmly positioned among the world’s fastest-growing producers. He linked the rise to a long-term development vision that blends energy production with infrastructure, logistics, technology and manufacturing, supported by growing investor confidence.
The President pointed out that the partnership with ExxonMobil has strengthened over the years, evolving from early doubts into a relationship that continues to deliver large-scale projects. He referenced completed ventures such as the world-class technical training centre and major engineering feats that were once questioned locally.
However, he stressed that the next phase must happen even faster, particularly the push for a stronger local presence in shipping and supply vessels. Work, he said, must move quickly to create a Guyanese consortium capable of supporting offshore operations.
As the sector grows, government is pushing parallel investments to ensure the country can handle the scale of development coming its way. These include the gas-to-energy pipeline, the Berbice port and industrial facilities, new airports, expanded roads linking several regions, and the development of new tourism and technology ecosystems.
The President highlighted the significant level of capital now flowing into the sector, noting that Exxon alone is spending about US$365 million annually on exploration. Over the next five years, more than US$4 billion is expected to go into developments at Wales, while an additional US$600–700 million is projected for new exploration in 2026. He added that major international investments are also being pursued for the Berbice port and its supporting road network.
With production climbing rapidly, Guyana is also preparing for the long-term global environment. The International Energy Agency projects that global supply will outpace demand through 2030, resulting in a market that remains well-supplied. The President noted that this reality makes cost management and competitive advantage critical for Guyana.
Despite these challenges, the country’s oil story continues on an upward trajectory. The administration anticipates production reaching about 1.3 million barrels per day by the end of the decade, cementing Guyana as a major force in global oil supply.
Still, Dr. Ali cautioned that the rapid rise must be matched with disciplined management, responsible budgeting, and long-term planning. The focus, he said, is ensuring that oil revenues are converted into lasting benefits, world-class infrastructure, strong human capital, energy security, and a diversified economy.
As Guyana steps deeper into what the President described as its “golden era,” oil production remains at the centre of a broader national transformation, one that is reshaping the economy and opening new opportunities for businesses, workers and future generations.
