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Guyana has officially emerged as the third-largest per-capita oil producer in the world, a milestone attributed to its rapidly expanding energy sector. This recognition follows ExxonMobil’s discovery in 2015 of over 11 billion barrels of oil equivalent resources in the Essequibo region, which accounts for two-thirds of the Caribbean nation’s landmass.

In 2022, Guyana also recorded the highest real GDP growth globally, with a staggering 62.3% increase. The nation’s rapid economic transformation has been significantly driven by its oil and gas sector, positioning it among the fastest-growing economies in the world.

A Historic Milestone

Marking five years of oil production, ExxonMobil lauded this achievement in a recent media release, emphasizing the “transformative potential” of Guyana’s energy sector. Since the first oil production at the Liza Phase 1 project, the country’s economic landscape has undergone a dramatic change.

ExxonMobil projects that Guyana’s production capacity could surpass 1.7 million barrels per day by 2030, with gross output reaching 1.3 million barrels daily. The company has already launched three offshore mega-projects and plans to implement five additional developments by the decade’s end.

Local Impact and Investment

The oil giant also highlighted its commitment to fostering local economic growth. More than 6,000 Guyanese are employed in industry jobs, with over 1,700 local businesses benefiting from contracts worth over US $2 billion. “Working alongside our co-venturers and the Government, we are doing our part to foster a brighter future for all Guyanese,” said Alistair Routledge, President of ExxonMobil Guyana.

Benefits for Citizens

The government, led by President Irfaan Ali, has initiated programs to ensure the oil wealth directly benefits Guyanese citizens. Initiatives include a one-off $100,000 cash grant for every adult citizen and the elimination of tuition fees at the University of Guyana and all government technical institutions starting January 2025.

A Model for the Caribbean

Guyana’s success has sparked interest across the Caribbean, with other nations exploring their offshore resources. As the region’s energy leader, Guyana’s achievements underscore the potential for oil to drive economic transformation while uplifting citizens.

As ExxonMobil and the Government of Guyana continue their collaborative efforts, the country stands as a beacon of growth and prosperity in the global energy landscape.