BY 2030, Guyana is likely to witness remarkable economic transformation with its thriving oil and gas industry. The country’s natural resources hold the power to transform all sectors and propel the nation and its citizens to unprecedented heights of prosperity.

The current production from the Liza Destiny and Liza Unity FPSOs sits close to 400,000 barrels per day (bpd). With the Prosperity FPSO coming on stream later this year an initial 220,000 bpd is expected to be generated, catapulting Guyana’s overall production number to about 600,000 bpd in 2024. Furthermore, with Yellowtail and Uaru expected to start up by 2025 and 2026 respectively, more oil will be produced for the country. By then, production is expected to ramp up to over 1 million bpd. The vision for Guyana is to have as many as 10 FPSOs in operation eventually. If six FPSOs are projected to produce at least 1.2 million bpd, 10 will take Guyana to even greater heights of production, contributing to massive economic growth for the country.

So far, the revenue generated from oil exports has enabled the government to invest in critical sectors such as infrastructure development, education, healthcare, and agriculture. In 2022, the national budget was supported by 23 per cent of oil revenues while budget 2023 received up to 26.7 per cent. This reflects a consistent increase in oil and gas revenue being used to support the national budgets over the last few years. The upcoming fiscal year is expected to be bigger and better with another massive increase and benefits for all Guyanese. This is anticipated to result in increases in cash grants, bigger pensions and improved wages and salaries. Going on the current trajectory, it is expected that more funds will be allocated towards healthcare services expansion and education reforms, leading to improved access to quality education and healthcare facilities.

According to President Dr. Mohamed Irfaan Ali, the projected revenues from oil will be an astonishing US$10 billion annually by the end of 2030. He said, “Our Natural Resource Fund is growing and we are looking to the modernisation of our country; health, education, agriculture, and the expansion of the economy with revenues from the oil and gas sector.” The trend shows advancements in the country with more money being added every year to the Natural Resource Fund.

The country’s infrastructure is expected to undergo significant improvements by 2030 with the support of oil revenues. There are already ongoing upgrades in transportation networks which include roads, ports, airports and railways to facilitate trade activities both domestically and internationally. Funds will also be plugged into other sectors.

The discovery of substantial oil reserves has undoubtedly attracted global attention to Guyana’s potential for economic growth. By 2030, it is anticipated that Foreign Direct Investment in various sectors such as the tourism and manufacturing industries and technology will increase significantly due to the stability provided by the country’s newfound wealth.

With proper management and governance, the country can continue to utilise its oil funds to drive economic growth, promote sustainable development, enhance social welfare, improve infrastructure and attract even more Foreign Direct Investment. However, Guyana must ensure transparency and accountability in managing these funds to avoid pitfalls that have plagued other resource-rich nations. By doing so, Guyana can pave the way for a prosperous future that benefits all Guyanese.