Guyana’s oil production hits 900,000 barrels per day

…production capacity from 8 developments expected to reach 1.7M barrels of oil by 2030

Guyana’s offshore oil production has reached a new milestone, with daily output hitting 900,000 barrels per day (bpd) in the Stabroek Block, according to ExxonMobil Guyana Limited and its co-venturers Hess Guyana Exploration Limited and China National Offshore Oil Corporation (CNOOC) Petroleum Guyana Limited.
This record output follows the full ramp-up of Yellowtail, the country’s fourth offshore development, which has achieved its initial average production capacity of 250,000 bpd. Combined with strong performances from the Liza Phase 1, Liza Phase 2, and Payara projects, the operations are now producing at record levels.
“We continue to safely deliver industry-leading performance, providing the oil and gas the world still demands,” said ExxonMobil Guyana President Alistair Routledge. “Guyana’s story is one of continuous achievements because of the close collaboration with the Government of Guyana, our co-venturers, suppliers, contractors, and employees. Together, we are building a world-class energy sector that is delivering significant value for the people of Guyana.”
To date, the Stabroek co-venturers have committed more than US$60 billion to develop seven Government-approved projects on the offshore block, including Uaru, Whiptail, and Hammerhead.
The Uaru and Whiptail developments – Guyana’s fifth and sixth offshore projects – are each expected to produce approximately 250,000 bpd, with start-up projected for 2026 and 2027, respectively. Hammerhead, the seventh development, is projected to add another 150,000 Bpd when production begins in 2029.
An eighth project, Longtail, is currently under regulatory review. Once approved and operational, ExxonMobil Guyana expects total production capacity to reach 1.7 million bpd by 2030 from eight developments.
These future projects are expected to broaden the production space beyond oil to include natural gas and condensate. ExxonMobil operates the Stabroek Block with a 45 per cent stake, while Chevron, following its acquisition of Hess, holds 30 per cent, and CNOOC owns 25 per cent. Together, the consortium has driven a rapid scale-up of oil production offshore Guyana since first oil in 2019.
More projects are set to come onstream, with drilling ongoing at Block S4 offshore Guyana. On Tuesday, the Government of Guyana, through the Natural Resources Ministry, officially signed a Production Sharing Agreement (PSA) for shallow-water Block S4 offshore Guyana with a consortium comprising QatarEnergy (35 per cent), TotalEnergies (40 per cent, operator), and PETRONAS (25 per cent). The award was made under the 2022 Guyana Licensing Round, the country’s first-ever bid round, marking another major milestone in Guyana’s efforts to responsibly develop its hydrocarbon resources. The PSA for this block carries a signing bonus of US$15 million.
Block S4 spans approximately 1788 square kilometres (km), located 50 to 100 km off Guyana’s coast in water depths ranging from 30 to 100 metres. Exploration activities will be conducted in compliance with Guyana’s regulatory standards and international best practices for environmental protection and resource management.

PSAs before the end of 2025
Further, the Ministry is aiming to finalise ongoing negotiations and sign at least two additional Production Sharing Agreements (PSAs) before the end of 2025.
When asked whether the signing of the Block S4 agreement indicated that the model Production Sharing Contracts (PSCs) for both shallow and deep-water blocks had been finalised and standardised, Minister Bharrat confirmed that this was indeed the case.
According to Natural Resources Minister Vickram Bharrat, that progress also depends on the awardees’ ability to secure their signing bonus and demonstrate financial and technical capacity to execute their respective work programmes.