AS 2024 draws to a close, Guyana has much to celebrate in its oil-and-gas sector.
This year marked milestones that highlight the country’s impressive achievements, and lay a strong foundation for what promises to be an even more transformative 2025.

One of the standout accomplishments of 2024 was ExxonMobil achieving peak production of 650,000 barrels of oil per day (b/d) from its three major projects: Liza 1, Liza 2, and Payara. Liza 1 demonstrated a capacity of about 160,000 b/d. Liza 2, which produces at an optimised 250,000 b/d, underwent debottlenecking upgrades that see it capable of producing 270,000 b/d pending regulatory approval.

Payara, initially designed for 220,000 b/d, was successfully optimised to 250,000 b/d, continuing to place ExxonMobil’s prioritisation of efficiency on display. A cumulative production milestone of 500 million barrels was also reached in November, marking another historic achievement since operations began in December 2019.

In addition to record-breaking production, 2024 saw substantial strides in local content. Over 6,000 Guyanese now work in the oil-and-gas sector, a testament to the effectiveness of the Local Content Act, and efforts by ExxonMobil and its subcontractors. The commissioning of the US$13 million Facility Simulator, known as FacTor, in February was another important development. Located at the Guyana Technical Training College in Berbice, this state-of-the-art facility mirrors real offshore operations, allowing trainees to gain practical skills in operations, troubleshooting, and maintenance.

The first cohort of trainees graduated in July, signalling the beginning of a robust pipeline of skilled Guyanese technicians ready to support offshore operations.
Guyana’s local businesses also made notable inroads into the oil-and-gas sector, with a number of businesses securing major contracts. Industrial Fabrications Inc. (INFAB), Guyana Oil and Gas Support Services Inc. (GOGSSI), and ZECO Group of Services were awarded contracts by SBM Offshore to fabricate over 300 tons of steel for the Jaguar FPSO, currently under construction.

This collaboration is a demonstration of the growing capability of local firms to meet international industry standards. Further, the sector awaits the arrival of the ONE GUYANA FPSO in mid-2025, which will drive production for the Yellowtail project, expected to add 250,000 b/d.
Infrastructure developments tied to the Gas-to-Energy project also took centre stage. ExxonMobil completed installation of the offshore pipeline, a critical step towards utilising associated natural gas for power generation.

Looking ahead to 2025, the stage is set for even greater achievements. The anticipated production increase at Liza 2, pending regulatory approval, and the commencement of operations at the Yellowtail project with the ONE GUYANA FPSO could add 270,000 b/d to Guyana’s output. Expansion of job opportunities and training programs will further integrate Guyanese talent into the sector, while the 300 MW Gas-to-Energy power plant will start generating electricity. By facilitating a reduction in electricity costs by some 50%, the project is expected to catalyze industrial growth and economic diversification, making affordable, reliable energy a reality for all Guyanese.