Guyana’s oil output took a dip in March, sliding to 627,000 barrels per day (bpd) from February’s 648,000 bpd, a new report from Reuters shows. That puts first-quarter production at a still-robust 631,000 bpd on average, according to the country’s energy ministry. A blip? Sure. A bust? Not even close.
Let’s not forget: just five years ago, Guyana didn’t even have a spot on the global oil map. Thanks mostly to ExxonMobil and its tag-team partners Hess and CNOOC, the offshore Stabroek Block has turned into one of the most lucrative plays on the planet.
And Europe? It can’t get enough. Sweet, light, and refinery-friendly, Guyana’s Liza, Unity Gold, and Payara Gold grades are the belle of the Atlantic. Two-thirds of the country’s exports went to Europe in 2024. That’s no accident—European refiners love this stuff. It’s easier to process, closer than Middle Eastern barrels, and not tangled up in Russian geopolitics.
Yes, March was a soft month. But context matters. Production was still up from the same period last year, and Guyana’s eyes are firmly fixed on the future. Exxon expects to push output to 1.3 million bpd by 2030—and they’re not waiting around. Projects like the $12.7 billion Whiptail are already underway, with gas-to-shore, LNG, and more on deck.
The 21,000-barrel dip is eye catching, but is hardly a wobble—it’s a breather. In the wider view, Guyana’s exports were up 54% in 2024. Guyana is still on a one-way path to global oil relevance, and the real headline isn’t a short-term slip. It’s that this tiny South American nation is becoming a crude-export powerhouse faster than anyone thought possible.
Source: By Julianne Geiger from Oilprice.com