Guyana set to exceed one million barrels of oil per day

Guyana is expected to exceed one million barrels of oil production per day by the end of 2026, as the government intensifies its call for citizens and businesses to position themselves to benefit from expanding opportunities across the oil and gas sector and the wider economy.

This projection was highlighted on Tuesday at the opening of the fourth annual Local Content Summit, held at the Houston Event Centre, Four Points by Sheraton Hotel in Georgetown.

The summit brings together government officials, private-sector representatives, industry stakeholders and investors.

Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh, said Guyana’s transformation is still in its early stages and urged local investors to prepare for the scale of opportunities ahead.

Dr Singh noted that the country’s oil production has grown rapidly since 2019 and is set to continue expanding significantly.

“Imagine, if you consider the transformation that we’ve already achieved and the business opportunities already achieved, contemplate what the next five years hold for us as a country and for you as private investors in Guyana,” Dr Singh stated.

He noted that Guyana currently produces over 900,000 barrels of oil per day across major offshore developments, including Liza I, Liza II, Payara and Yellowtail.

The upcoming Uaru project is expected to push production beyond the one-million-barrel mark.

“We want you to do business. We want you to grow your business. We want you to make money because more people investing can only redound to national well-being,” Minister Singh said.

Dr Singh also underscored the strength of the Local Content framework, stating that more than 2,500 local vendors have already secured over US$2.5 billion in procurement opportunities since oil production began in 2019.

“There is nothing written in law that Guyanese companies can only supply these 40 categories of goods and services. If you can produce anything competitively, there is a business opportunity for you,” he said.

Meanwhile, Minister of Natural Resources, Vickram Bharrat, also addressed the summit, stressing that Guyana’s rapid development is the result of strong leadership, policy direction, and strategic partnerships.

“Guyana is Dubai on steroids. That is the pace of development that is taking place, “Minister Bharrat said.

He added that while oil and gas have been fueling growth, leadership and governance remain central to national development.

“It is not oil and gas alone that has propelled Guyana. It is strong leadership, brave, decisive leadership and good management,” he noted.

The Local Content Summit, now in its fourth year, continues to serve as a vital platform connecting government officials, industry leaders, financiers and entrepreneurs to opportunities within Guyana’s expanding oil and gas and wider economic sectors.

Organised under the theme “From Policy to Prosperity: Unlocking Opportunities Through Collaboration,” the two-day summit runs from June 2 to June 3, 2026.