February 24, 2025 [Reuters]- Guyana’s average oil production fell to some 620,000 barrels per day in January from 656,000 bpd in December, the lowest monthly figure since August, the Natural Resources Ministry said on Friday in a report.
A consortium led by U.S. oil major Exxon Mobil and involving Hess and China’s CNOOC controls all crude and gas output in the South American country through three floating facilities.
Guyana’s average oil output increased to 616,000 bpd last year from 391,000 bpd in 2023 following facility upgrades and production ramp-up at one of the group’s vessels, Prosperity, which began operations in late 2023.
The ministry’s report did not elaborate on the fall.
The government also reported revenues of $230 million in January from the country’s share of oil output that was exported by the government, and royalties. For all 2025, Guyana forecasts $2.5 billion in revenue from the oil sector, a slight decline from 2024 mainly due to expected lower crude prices.
A fourth producing vessel built by infrastructure firm SBM Offshore this week departed from Singapore on its way to Guyana’s waters. It is expected to begin output in the third quarter, Exxon said earlier this week, expanding the consortium’s output capacity to some 940,000 bpd.
Guyana’s economy achieved its fifth consecutive year of double-digit growth last year, expanding 43.6% as oil output and exports showed solid increases.
Latin America’s newest oil producer last year became the region’s fifth-largest crude exporter after Brazil, Mexico, Venezuela and Colombia, and was identified as one of the main contributors to global oil supply growth.
Energy executives and officials gathered in Georgetown this week to discuss offshore projects and investment opportunities as the government pushes for a shift towards natural gas in the oil-dominated country.
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