GEORGETOWN, Guyana, CMC – Oil production in Guyana’s Stabroek block is projected to average some 1.2 million barrels of oil per day by the end of 2027.
President Dr. Mohamed Irfaan Ali disclosed this during a media conference held at the Office of the President on Wednesday.
Guyana’s crude oil production is currently averaged at 400,000 barrels of oil per day.
Ali also gave a breakdown of Guyana’s performance across various sectors, including health, education, agriculture, housing, sustainable energy, and water.
In his breakdown of Guyana’s performance in oil and gas, the president noted that “Increased production of our medium grade crude with low sulfur content has government revenues projected to be US $10 billion annually by the end of the decade. Our Natural Resource Fund, as you know, is growing, and we are looking to the modernization of our country’s health, education, agriculture, and the fuelling of the new economy and expansion of the economy from revenues from the oil and gas sector.”
Guyana’s total recoverable oil reserves now stand at more than 11 billion barrels of oil, with crude oil reserves ranking at number 17 in the world and third in Latin America and the Caribbean.
Since the discovery of oil offshore Guyana in 2015, international interest has increased in the country, especially for its oil potential and the potential of various developing sectors, a development driven by funds acquired from oil and gas production.
Industry analysts estimate that by 2035, just over a decade from now, Guyana’s oil output will reach 1.7 million barrels per day, surpassing United States oil production and becoming the fourth-largest oil producer in the world.
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