Petroleum industry in Guyana

The petroleum industry in Guyana is rapidly expanding. The country has emerged as one of the newest petroleum-producing nations in the world, achieving its first commercial grade crude oil draw in December 2019. Crude oil is sent abroad for refining.

Since the onset of production, Guyana has experienced a rapid increase in oil output, with production levels reaching approximately 660,000 barrels per day by 2024. With plans to further increase production to about 1.3 million barrels per day by 2027, Guyana is set to significantly expand its influence in the global oil market, presenting new economic opportunities and challenges for the country.

In 2022, a Guyanese petroleum training facility was launched, with investments in staff training amounting to US $20 million. The training centre is located in Lusignan, Demerara-Mahaica. In December 2024, Guyana became the world's third largest petroleum-producing country per capita.

The discovery of oil has also reignited the border dispute with Venezuela which claims most of Guyana's territory (Essequibo region), leading to a crisis in 2023.

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