Our oil and gas sector will continue to grow – Pres Ali

Guyana’s oil and gas sector will continue to grow with new exploration, stronger Production Sharing Agreement (PSA) and policies that ensure that the wealth from the country’s patrimony is equitably distributed across the country.
This was the pledge of President Dr Irfaan Ali, when he delivered his address at his inauguration ceremony on Sunday at State House, as he was sworn in for his second term as Guyana’s 9th Executive President.
“Yes, our oil and gas sector will continue to grow, expanding production and revenue for our people. But why stop there? We will press forward with new exploration under a stronger Production Sharing Agreement, ensuring that the benefits are greater, the gains are wider, and the wealth is truly for the people,” Dr. Ali pledged.
A newcomer on the global energy stage, Guyana has rapidly evolved into a leading petroleum producer since first oil in December 2019. In the Stabroek Block offshore development, led by ExxonMobil and partners, since beginning with an average of approximately 74,000 barrels per day (bpd) in 2020, the Stabroek Block has grown to a total production capacity of above 900,000 bpd with four Floating Production, Storage and Offloading units.
Cumulatively, since 2019, over 650 million barrels of oil have been produced from the Liza 1, Liza 2, and Payara projects, showing the rapid scaling of the sector. Current project anticipates Guyana average daily production reaching as much as 1.5 million bpd by 2030, supported by the arrival of up to seven FPSOs.
Upcoming FPSO projects include the Uaru, which is expected in 2026, and the Whiptail, targeted for 2027. Each of these is projected to add approximately 250,000 bpd. The Hammerhead also has tentative first oil by 2029.
With such a massive expansion expected over the next five years, President Ali is calling for an all-hands-on deck approach to ensure that the benefits are felt by every Guyanese all across the country.
“The next five years will be the most consequential in our nation. History has placed in our hands the resources, the leadership, the opportunities, the partnerships and the international goodwill to transform promise into reality. But this transformation will not happen by itself. We need everyone on board,” the president said.
“In this spirit of shared responsibility, we must embrace our national vision, one that captures both the depth of our resources and the height of our aspirations. Our vision is Guyana as the Rising Frontier—where oil fuels ambition, sugar and rice sustain, bauxite, gold, and diamonds anchor prosperity, and fertile lands feed a region; where vast forests and rivers prove that wealth and environmental stewardship can coexist; where a resilient people turn challenge into achievement; and where a small nation rises to shape the future of its region and the world.”
Guyana has earned over US$7 billion in revenue from the sector 2020 – 2025. Over this period, the People’s Progressive Party Civic (PPPC) government has leveraged Guyana’s oil and gas sector to unleash transformative economic growth for the country.
The revenue inflow has funded a number of massive infrastructural developments and welfare programmes in key areas including healthcare and education with the roll of initiatives such as free university tuition, the opening of a number of new hospitals and schools, as well the development of roads and other transportation linkages.
Guyana’s oil earnings are projected to surge to over $10 billion annually by 2030 and with all this on the cards, Dr Ali on Sunday noted that the government will be focusing on policies and strategies to see that every Guyanese benefits, particularly in the fight against poverty.
“Guyana must never again be a country rich in resources but poor in living standards. We will also launch a national crusade against poverty itself. Not just the visible poverty in our streets, but the structural roots and hidden burdens that keep families from rising. We will fight it, reduce it, and ultimately eradicate it,” President Ali said.
The president also zoned in on the importance of using the oil resources to diversify the country’s economy for long term sustainability that outlasts the petroleum sector.
“We are not a one-sector nation. We are building a diversified economy that will generate jobs, raise incomes, and secure prosperity. As part of our commitment to economic diversification, we will strengthen the traditional pillars of our economy—mining, agriculture, fisheries and forestry—ensuring that these sectors continue to provide jobs, wealth, and stability for our people,” the President said. He went further to note:
“But we will not stop there. We will create new growth poles that drive the economy of tomorrow: world-class tourism, a thriving blue economy, competitive manufacturing, cutting-edge information and communications technology, and dynamic knowledge-based industries. We will champion regional energy security and competitiveness, leveraging Guyana’s resources and know-how, partnering with our neighbours to lower cost, expand manufacturing and build resilient, cleaner energy systems that power jobs and industry across the Caribbean. We’ll accelerate food security and logistics, modernising agriculture and agro-processing, opening new shipping and air links, and driving down the region’s import bill so Caribbean tables are fed by Caribbean farms.”