As Oil Hits $80, Guyana Accelerates Its ‘Crude’ Boom Via Q3 2023 Auction

A change of mammoth proportions is happening in Guyana and it has sent oil market commentators scrambling to revise their medium-term global market outlook. That’s because this micro-state in Latin America – with a population of less than a million people – is in the midst of a full-blown oil production boom, and is now one of the industry’s most promising investment frontiers.

Guyana’s headline crude production came in at less than 100,000 barrels per day (bpd) as recently as 2020. But it has since grown nearly four-fold to 383,000 bpd in 2023, and is still growing, according to the country’s Ministry of Natural Resources. At the heart of this phenomenal increase is an ExxonMobil
XOM
led consortium of crude producers and two of their Floating Production Storage and Offloading (FPSOs) vessels pumping black gold at a canter in the Stabroek Block of the Liza offshore oilfield.