Guyana exported 225 cargoes of crude oil in 2024, according to the country’s Energy Minister, Vickram Bharrat. This marks a significant increase as Exxon Mobil, leading a consortium of companies, continues to boost production and upgrade its facilities.
In 2024, Guyana emerged as Latin America’s fifth-largest crude exporter, joining the ranks of Brazil, Mexico, Venezuela, and Colombia. The country has become a key contributor to the growth of global oil supplies.
Bharrat announced that more detailed data on oil production and exports will be available later this week. He noted that the government alone shipped 28 cargoes from its share of crude produced by the Exxon-led group.
LSEG data, based on tanker movements, shows that Guyana’s oil exports surged by 54%, reaching 582,000 barrels per day (bpd) in 2024. This marks a sharp increase from the 136 cargoes and 377,000 bpd exported in 2023. The rise in exports met the growing demand from European refiners for sweet crudes, which are easier to process and often replace Middle Eastern grades.
Exxon Mobil did not respond to requests for comment on the matter.
Regarding exploration, Bharrat confirmed that the exploration license for Canada-based Frontera Energy and CGX Energy will not be extended. These companies had been granted extra time to assess an offshore block but will now need to reapply for a new license. The two firms were expected to be the next consortium to begin production, as Guyana seeks to diversify its oil industry, currently dominated by the Exxon group.
The government’s focus for 2025 is on further production growth. Bharrat highlighted the expected arrival of Guyana’s fourth floating production storage and offloading (FPSO) unit, which will add 250,000 bpd to the country’s production capacity. Additionally, two more FPSOs are planned for deployment in the next two years.
The administration of President Irfaan Ali is also working on new legislation, including a gas strategy and a gas-to-energy project. Last week, a $526 million loan for the gas-to-energy initiative was approved by the U.S. Exports and Imports Bank.
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