Venezuelan President Nicolas Maduro addresses supporters during the referendum campaign
Venezuela casts shadow over Guyana’s bright oil future
But 1m b/d production could be just a few years away if geopolitical risks subside
The future appears bright for Guyana’s rapidly expanding offshore oil industry. Since the first announced commercial oil strike in the Liza field in May 2015, the ExxonMobil-led consortium targeting the massive 6.6m-acre Stabroek block has made more than 34 additional discoveries, amounting to 11b bl of recoverable oil and counting. In addition, Guyana closed its first competitive auction for 14 offshore blocks in September, with bids on eight of them. Oslo-based consultancy Rystad Energy is predicting Guyana will become the world’s fourth-largest offshore oil producer by 2035, while Edinburgh-based consultancy Wood Mackenzie is predicting the country to break the 1m b/d milestone in 2027 an
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
