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LATIN AMERICA ADVISOR

Energy ADVISOR

A daily publication Of the dialogue

January 24, 2025

What Hurdles Lie Ahead for Guyana’s Oil and Gas Sector?

Guyana is on pace to become Latin America’s third-largest oil producer by 2030; output is projected to be behind only Brazil and Mexico in the region. A floating, production, offloading and storage vessel is pictured off the coast of Guyana. // File Photo: Guyanese Government.

Q

  • Guyana’s oil exports rose by 54 percent in 2024, as the consortium led by ExxonMobil that operates in the offshore Stabroek Block continues to expand its daily production capacity. The consortium plans to bring a new floating production, storage and offloading vessel online this year, which would make national oil output nearly 900,000 barrels per day, and it has other expansion projects under development. What obstacles stand in the way of the consortium’s plans to produce 1.5 million barrels of oil per day in Guyana by 2029? How has Guyana’s booming oil sector affected President Irfaan Ali’s prospects for re-election ahead of scheduled general elections in November? How might instability in neighboring Venezuela affect oil operations in Guyana?

A

Riyad Insanally, fellow at the Caribbean Policy Consortium and former ambassador of Guyana to the United States: “Finance Minister Ashni Singh has just presented the 2025 budget, titled, ‘A Secure, Prosperous, and Sustainable Guyana.’ Real GDP growth in 2024 was 43.6 percent, driven by expanding oil production. The non-oil economy also grew by 13.1 percent. Overall growth in 2025 is projected at a more moderate but still impressive 10.6 percent. Although the consortium should hit its target of 900,000 barrels per day by the end of the year, export earnings from oil are anticipated to decline by 2.1 percent because of lower market prices. This is expected to be offset to some extent by the continued growth of the non-oil economy. The Irfaan Ali administration, enjoying the advantages of incumbency…”

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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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