Exxon raises Guyana’s oil production to about 645,000 barrels a day (2024)

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How many barrels of oil are produced each day in Guyana? ›

N) , opens new tab which controls all oil production in Guyana is pumping about 645,000 barrels per day (bpd) in the South American country, up from about 400,000 bpd in late 2023, the U.S. producer said at a press conference on Tuesday.

Multinational oil and gas producer, ExxonMobil, produced some 2.45 million barrels of liquids per day in 2023. This was an increase compared to the company's daily liquids production in 2022, which was 2.35 million barrels.

A consortium led by Exxon began crude output in Guyana in 2019, and has ramped up production to some 650,000 barrels per day this year. The other members of the consortium are Hess Corp (HES.

Saudi Aramco is by far the world's largest oil company based on daily liquids production. In its 2023 fiscal year, Saudi Arabia's state-owned oil company reported a crude oil and associated liquids output of some 11.5 million barrels per day. This was more than four times the amount extracted by its closest competitor.

Since starting production in 2019, Guyana has increased its crude oil production to 645,000 barrels per day (b/d) as of early 2024, all from the Stabroek block.

In 2022, Guyana, one of the newest crude oil producing regions in the world, yielded an output of 276,000 barrels per day, up from an average of 74,000 daily barrels in 2021. As a result, the country ranked as the seventh largest crude oil producer in Latin America that year.

ExxonMobil is the largest oil producing company in the world outside of state-owned enterprises. Every day, it produces around 2.5 million barrels of crude oil and other liquids.

In 2023, ExxonMobil produced 2.4 million barrels of oil and natural gas liquids and 7.7 billion cubic feet per day of natural gas. Compared to the previous year, production output for liquids increased while natural gas production output declined.

But experts claim that Exxon in Guyana appears to be taking advantage of an unprepared government in one of the lowest-income nations in South America, allowing the company to skirt necessary oversight. Worse, they also believe the company's safety plans are inadequate and dangerous.

How rich is Guyana with oil? ›

A single oil block of more than a dozen off Guyana's coast is valued at $41 billion. Combined with additional oil deposits found nearby, that will generate an estimated $10 billion annually for the government, according to USAID.

Exxon, the operator of Stabroek, holds a 45% stake, while Hess has 30% and CNOOC 25%. Exxon and Chevron are in talks over Exxon's claim that it has a right of first refusal on any sale of the Stabroek block, a giant field off the coast of Guyana that contains at least 11 billion barrels of oil.

Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.

Over the past decade, Guyana has found huge amounts of oil and gas under its coastal waters. It now boasts reserves of about 11 billion barrels. That puts it in the top 20 in terms of its potential, on a par with countries such as Norway, Brazil and Algeria.

Basic Info. US Crude Oil Field Production is at a current level of 13.10M, unchanged from 13.10M last week and up from 12.20M one year ago. This is a change of 0.00% from last week and 7.38% from one year ago. US Oil Production measures the daily number of barrels produced in the United States in oil fields.

Crude oil production in Trinidad and Tobago has undergone an overall downward trend in recent years. Moreover, the Caribbean country registered a year-over-year decline of roughly percent in 2022, with an average output of 53,726 barrels per day.