Crude output in Guyana rose to 648,000 barrels per day (bpd) in February from 620,000 bpd the previous month, the natural resources ministry said on Thursday.

Oil production in the South American country, which is controlled by a consortium led by Exxon Mobil , has been growing consistently since 2019, when the group inaugurated output, and is expected to surpass 900,000 bpd this year.

In 2024, the consortium completed upgrades that have allowed output capacity expansions at existing facilities. A fourth production vessel departed from Singapore last month and is expected to increase capacity even more once installed later this year.

Guyana’s oil production in February last year averaged 626,000 bpd.

The Guyana government this month reported $225 million in revenue from sale of its share of oil output, marking its first earnings from crude produced and exported this year.

The country expects to receive some $2.5 billion from oil sales and royalties in 2025, compared with $2.57 billion in 2024. The reduction is due to lower expected prices, despite the forecast for a production increase.

Guyana is one of three key areas where Exxon is investing heavily, along with the Permian Basin in the U.S. and the liquefied natural gas sector, said Dan Ammann, president of Exxon upstream, during the CERAWeek conference in Houston last week.

The Exxon-led consortium has three operational production facilities and expects to deploy eight, which would lead to doubling current production, Ammann said.

“We see significant growth there,” he said.
Source: Reuters