Guyana’s oil and gas sector is undergoing a period of rapid expansion, with production levels expected to reach new milestones and critical energy infrastructure nearing completion.
Crude oil production is projected to grow by 17.9% in 2026, reaching an average of 840,000 barrels per day (bpd). With the imminent start-up of the Uaru project later this year, national capacity is expected to move past 1.15 million bpd.
In February 2026, Jumbo Offshore completed the mooring line installation for the FPSO Errea Wittu at the Uaru field. This vessel has a target production capacity of 250,000 bpd.
ExxonMobil Guyana recently completed the US$2.32 billion purchase of the FPSO One Guyana from SBM Offshore, assuming full ownership of the unit while SBM continues operations until 2035.
In January 2026, India imported roughly 297,000 bpd from Guyana, signaling a significant diversification of Guyana’s global customer base.
Gas-to-Energy (GTE) The landmark Gas-to-Energy project is reported to be 68% complete .The government has allocated $10.7 billion for Phase 1 of the project this year.
Transmission lines and substations are set for partial commissioning by the end of Q1 2026. The 300MW power plant and NGL facility are expected to be operational by the last quarter of 2026, aiming to halve national electricity costs.
Economic and Regulatory Updates
GDP Growth: Driven by the oil sector, Guyana’s economy is projected to grow by 16.2% in 2026.
The 2026 budget for petroleum administration has nearly tripled, rising from $343 million to $900 million, to fund expanded offshore monitoring and regulatory systems.
ExxonMobil is preparing for a final extensive exploration campaign before the 2027 license expiry, seeking resources beyond the currently estimated 11 billion barrels.
Note by Alessandro Bazzoni