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Guyana’s offshore oil output is driving faster economic gains

Production began in December 2019 after oil was discovered in the Stabroek Block in 2015, helping Guyana rank as South America’s third-largest oil producer.

Reported · Written up by our desk · Energy

OilPrice reports that Guyana is beginning to see significant profits from its rapidly expanding offshore oil operations, with more gains expected as the sector scales.

The outlet says oil was first discovered in the Stabroek Block in 2015, development started soon after, and production began in December 2019.

According to OilPrice, the oil ramp-up has reshaped Guyana into South America’s third-largest oil producer, behind Brazil and neighboring Venezuela.

OilPrice also notes that Guyana’s oil output is tied to the pace of profits coming out of the Stabroek project as production continues to grow.

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