Onwards and Upwards
Since the start of oil production in 2019, Guyana has been on a consistent upward trend in terms of crude exports. A big jump in exported volumes has been seen since April 2022 as the South American producer ramped up its production. The country is becoming an increasingly important source of future output growth. Guyana is estimated to hold recoverable reserves of approximately 11 billion barrels, and this could increase further as more offshore discoveries are made. This year’s geo-political developments have made it even more important as traditional buyers of Russian crude seek alternative supplies, with Guyana well positioned to expand its market share in consuming regions such as Europe and the Far East. To develop its petroleum industry Guyana is working alongside a consortium of well-known international partners with $30 billion already committed in terms of investment.
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