Guyana to soon produce 1M barrels of oil per day
June 3 2026
Guyana is projected to exceed one million barrels of oil production per day by the end of 2026 as the government continues to encourage citizens and businesses to position themselves for expanding opportunities in the oil and gas sector and the wider economy.
The projection was highlighted on Tuesday during the opening of the fourth annual Local Content Summit at the Houston Event Centre, Four Points by Sheraton Hotel in Georgetown, which brought together government officials, private sector representatives, investors and industry stakeholders.
Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh, said the country’s transformation remains in its early stages and urged local investors to prepare for increased opportunities as production expands.
He noted that Guyana’s oil output has grown rapidly since first production in 2019 and now exceeds 900,000 barrels per day from major offshore developments including Liza I, Liza II, Payara and Yellowtail. The upcoming Uaru project is expected to push output beyond the one-million-barrel milestone.
Dr Singh emphasised the importance of private sector participation in driving economic growth, noting that increased investment will contribute to national development.
He also pointed to the Local Content framework, stating that more than 2,500 local vendors have already benefited from over US$2.5 billion in procurement opportunities since oil production began. He added that there are no strict limits on the categories of goods and services Guyanese companies can supply, provided they remain competitive.
Minister of Natural Resources Vickram Bharrat also addressed the summit, highlighting that Guyana’s rapid development is driven by strong leadership, policy direction and strategic partnerships. He said the country’s progress reflects effective governance alongside its natural resources.
He further noted that while oil and gas continue to fuel growth, leadership and management remain key pillars of national development.
The Local Content Summit, now in its fourth year, continues to serve as a platform linking government, investors and entrepreneurs to opportunities within Guyana’s expanding energy sector. The two-day event runs from June 2 to June 3, 2026 under the theme “From Policy to Prosperity: Unlocking Opportunities Through Collaboration.”
