Guyana's oil output to reach 810,000 bpd by 2025 -government minister

Guyana's oil production is expected to continue rising in 2023 after a third production facility is installed by year end, and reach some 810,000 barrels per day by 2025, the country's finance minister said on Monday. The government separately plans to evaluate this quarter a total of nine bids received through a competitive process for building an oil refinery in the country, Singh said.

Guyana's oil production is expected to continue rising in 2023 after a third production facility is installed by year end, and reach some 810,000 barrels per day by 2025, the country's finance minister said on Monday. The South American nation also plans to inaugurate natural gas exports soon, with at least 50 million cubic feet per day to be sold from the two production vessels currently in service.

At a presentation of the country's budget for this year, Finance Minister Ashni Singh called 2022 "a major year for exploration," with 11 oil exploration wells drilled and 10 new commercial discoveries. The results pushed the nation's reserves to some 11 billion barrels of recoverable oil. The government separately plans to evaluate this quarter a total of nine bids received through a competitive process for building an oil refinery in the country, Singh said.