EIA Highlights Guyana’s Key Role in Global Crude Oil Supply Growth

SEATTLE (Oil Monster): According to the U.S. Energy Information Administration (EIA), Guyana has emerged as a major contributor to global crude oil supply growth during recent years. As of early-2024, the country’s crude oil production stands at around 645,000 barrels per day (bpd).

Over the period from 2020 to 2023, the country has increased average crude oil production per year by around 98,000 bpd. Incidentally, Guyana has become the third-fastest growing non-OPEC producing country during this period.

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The boosted crude oil production has become the largest contributor to the country’s economic growth. The country’s GDP recorded tremendous growth of 62.3% in 2022, which was the highest real GDP growth by any country during the year, as per the International Monetary Fund (IMF) statistics.

Guyana’s current recoverable oil and natural gas resources are estimated at more than 11 billion oil-equivalent barrels. The exploration works still underway at offshore waters, which in turn may add to the existing estimate.

The first major oil discovery offshore Guyana was reported in 2015 by ExxonMobil in the Stabroek block. Since then, as many as 30 more offshore oil and natural gas discoveries have been reported in the same block.