Petroleum industry in Guyana
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Petroleum industry in Guyana is rapidly evolving. Guyana has emerged as one of the newest petroleum producing regions in the world, achieving its first commercial grade crude oil draw in December 2019. Crude oil is sent abroad for refining.[1][2]
Since the onset of production, Guyana has experienced a rapid increase in oil output, with production levels reaching approximately 645,000 barrels per day by 2024. This significant growth has not only transformed the nation's economic landscape but has also positioned it as the third-largest non-OPEC oil supplier globally. With plans to further increase production to about 1.3 million barrels per day by 2027, Guyana is set to significantly expand its influence in the global oil market, presenting new economic opportunities and challenges for the country.[3]