GUYANA’S oil and gas sector continues to advance on a foundation of clearly defined rules that allow ExxonMobil and its coventurers to meet their obligations, while bringing value to their shareholders and the Guyanese people.
This is evident in the way ExxonMobil manages its exploration work and the Stabroek Block discoveries that follow. Since 2015, the company has reported 51 discoveries in total to the government, with more than 30 of those announced as significant. Only finds that meet an established threshold are determined to be significant and are subsequently announced publicly. But every single discovery, regardless of scale, is required by law to be reported to the Government of Guyana.
ExxonMobil has repeatedly affirmed that it continues to fulfil this obligation, and the Ministry of Natural Resources has confirmed that each Notice of Discovery has been filed as required. This is a routine part of the regulatory process, grounded in law and Exxon’s contractual obligations. The transparency of this system remains one of the unsung strengths of the sector’s development.
With this kind of discipline fostered through the constructive relationship between the government and oil companies, Guyana’s production story has become one of the most compelling globally. With four floating production vessels operating offshore, the country’s output recently reached 900,000 barrels per day (b/d). Each project to date has come online on or ahead of schedule, distinguishing Guyana from many global deepwater provinces.
The production ramp-up continues to be safe and incident-free, which speaks to the operational standards applied across ExxonMobil’s activities and strong oversight from the government.
The Uaru project is advancing and is expected to push national production capacity beyond the one-million-barrel bpd mark in 2026. That scale of output places Guyana among the world’s most significant new oil producers and gives the country the resources it needs for long-term economic planning.
As production grows, Guyana’s crude is also reaching a wider range of global markets. In recent months, shipments have gone to destinations not usually associated with Guyanese crude. More refineries around the world are processing this light to medium sweet oil, giving Guyana a broader international footprint.
At the same time, ExxonMobil and its partners continue to support the wider development agenda being driven by the government. Through the Greater Guyana Initiative, they fund programmes that help local businesses build capacity and improve competitiveness.
The Centre for Local Business Development remains an important institution in this effort, offering training and guidance that support broad economic diversification, in keeping with the government’s policy agenda. Across the country, businesses continue to examine ways in which they can capitalise on the growing opportunities, not only in oil and gas, but across multiple sectors. Recent events by groups like the Guyana Oil and Gas Energy Chamber and the Guyana Manufacturing and Services Association continue to be underlined, not just by a celebration of the gains made in the private sector so far, but also by what is to come.
Guyana’s ambitions around natural gas now add another dimension. The government is pursuing a gas-based development strategy beyond what is underway in Wales, with new opportunities being explored in Berbice. ExxonMobil recently collaborated with the government on an investment summit aimed at unifying planning among interested investors.
This potential spans expanded gas-fired power generation, fertiliser production, gas-based manufacturing, and the development of large-scale data centres. These projects can revolutionise the local economy in ways that build on progress made from upstream oil development. Affordable and reliable energy will be central to these industries, and ExxonMobil’s gas projects are central to making that vision possible. Taken together, these developments reflect a sector that continues to meet its obligations while collaborating with the government for sustainable development.
DISCLAIMER: The views and opinions expressed in this column are solely those of the author and do not necessarily reflect the official policy or position of the Guyana National Newspapers Limited.