A miniature of Exxon Mobil’s Liza Unity oil platform is displayed at booth during Guyana’s Energy Conference & Exposition in Georgetown, Guyana February 19, 2024.
In 2024, Guyana became Latin America’s fifth-largest oil exporter, trailing Brazil, Mexico, Venezuela, and Colombia. The country is expected to expand its market share in 2025 with the introduction of a fourth floating production facility for the Yellowtail project, which has recently arrived. This facility is projected to increase Guyana’s oil production capacity to approximately 940,000 bpd.
Oil and gas production in Guyana is overseen by a consortium led by Exxon Mobil. The government projects a significant rise in output for the last quarter of 2025, anticipating an average of 786,000 bpd, driven by the Yellowtail project’s activation. A ministry representative stated: “The Yellowtail project marks a key milestone in enhancing our production capacity and supporting the growth of Guyana’s energy sector.”
The Exxon-led consortium is in final negotiations with the government regarding the relinquishment of a portion of the Stabroek offshore block, where exploration has not taken place or viable reserves were not found. The government announced that at least 2,534 square kilometers (253,400 hectares) of the block must be returned, though additional details were not provided.
According to the finance ministry, Guyana generated $605.46 million in oil revenue from royalties and crude sales in the final quarter of 2024, derived from seven cargoes exported from the country’s share of crude production.
Guyana’s oil industry continues to be a cornerstone of its economic development. The upcoming Yellowtail project and ongoing efforts to optimize resource management highlight the country’s commitment to strengthening its position in the global energy market while ensuring sustainable growth.
