(OilNOW) – The start-up of Phase Two of the Liza Development has pushed daily output in South America’s newest oil-producing nation to above 300,000 barrels per day.
The Liza Unity floating, production, storage, and offloading (FPSO) vessel arrived at the ExxonMobil-operated Stabroek Block offshore Guyana in October 2021 and moved to produce its first barrel of oil in February this year.
Natural Resources Minister Vickram Bharrat told a visiting delegation of investors from Saudi Arabia, on Saturday, that the oil production ramp-up in Guyana has been unprecedented.
“We discovered oil in May of 2015, and we started production in December of 2019,” Mr. Bharrat said.
“To date, we are producing at over 300,000 barrels per day with only two FPSOs. This…is unprecedented speed and I don’t think this has happened in any small developing country around the world – the rate at which we are moving our petroleum sector,” he continued.
Guyanese authorities have already approved two more projects for which FPSOs are currently under construction by Dutch floater specialist, SBM Offshore.
Current estimates show that production will exceed 1 million barrels per day as early as 2027, placing Guyana on a trajectory that will see it becoming the number two oil producer in South America in the early 2030s.