Guyana: crude oil production 2023| ��ƽ��

Production of crude oil and other liquids in Guyana from 2019 to 2023 (in 1,000 barrels per day)

Characteristic	Production in thousand barrels per day
2023	391.18
2022	288.96
2021	116.91
2020	74.57
2019	1.2

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Release date

July 2024

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Region

Guyana

Survey time period

2019 to 2023

Special properties

Figures were manually calculating from monthly average available.

Supplementary notes

The source does not specify the publication date. The release date given is the date of access.

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In 2023, Guyana produced around 391,000 barrels of crude oil per day. The South American country is one of the newest crude oil-producing regions in the world and has experienced exponential growth since offshore oil fields were first tapped in 2019. ExxonMobil is a major producer in the country.

Economic impact of Guyana's budding oil industry

The rapid expansion of Guyana's oil sector has already had a significant impact on the country's economy. Just six years after oil production began, revenues associated with the industry are expected to constitute 9.5 percent of Guyana's GDP in 2025, with export values set to reach 17.6 billion U.S. dollars. By 2030, this figure could climb to more than 10 percent of GDP.

Repatriated income

Foreign companies, particularly ExxonMobil, play a crucial role in Guyana's oil boom. These firms are anticipated to generate substantial earnings, with net repatriated income expected to reach around 2.08 billion U.S. dollars in 2025. As production continues to rise, Guyana is poised to become a major player in the global oil market, potentially surpassing more established producers in the region like Argentina, which produces around one million barrels per day.