Guyana’s new project set to boost oil production

April 30, 2023  –Loop News- Guyana’s oil production is expected to jump from 380,000 barrels per day to over 1,100,000 barrels by mid-2027, as the government approved ExxonMobil’s Uaru Field Development Plan.

According to a report from the Department of Public Information, (DPI), this will push Guyana to become one of only 11 countries in the world producing over one million barrels of oil per day.

The Uaru Petroleum Production Licence was also issued with the approval of the plan.

The Uaru project, valued at some US$12.683 billion is now the fifth approved production operation for offshore Guyana within the Stabroek Block and is expected to produce 812 million barrels of oil within the initial 20-year license period, through a total of 44 wells, 21 producers and 23 water and gas injectors.

President of ExxonMobil Upstream Oil and Gas, Liam Mallon, in a statement issued by the oil company, noted that Exxon’s fifth, multi-billion-dollar investment in Guyana exemplifies ExxonMobil’s long-term commitment to the country’s sustained economic growth.

 “Our Guyana investments and unrivaled development success continue to contribute to secure, reliable global energy supplies at this critical time,” he added.

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