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Guyana surpasses T&T in hydrocarbon production

GUYANA now produces more hydrocarbons in the Caribbean region than veteran producer Trinidad and Tobago. Data from T&T’s Ministry of Energy and Energy Industries shows oil and condensate production of 50,246 barrels per day (b/d) in the first four months of 2024.Trinidad’s hydrocarbon production is on a steady decline, down from approximately 719,000 boe/d in 2015.

Guyana, on the other hand, started oil production in December 2019 and is experiencing significant annual increases. ExxonMobil, the sole operator with projects in production, has added an average of 98,000 b/d in the period 2020-2024. In the first four months of 2024, oil production averaged 616,000 b/d. Considering data for May-June, the half-year average jumps to 623,000 b/d, based on data from the Ministry of Natural Resources. In addition to current oil developments, three more Guyana projects will begin production in the lead-up to 2027.These projects, all led by ExxonMobil, are expected to take oil production capacity to more than 1.3 million b/d. Exxon is also seeking approval for a seventh project that could boost levels to 1.5 million b/d.

Even before that, Guyana is set to become the largest per capita oil producer in 2025.Though Guyana only produces oil for export, Exxon is set to bring natural gas from the Liza field to shore in 2025 at an initial rate of 50 million scf/d. Exxon and a US startup Fulcrum LNG are expected to consider pursuing a standalone gas development, which would produce gas on a larger scale, for export.