Guyana is slated to become the highest per capita oil producer in the world by 2035, according to Latin American strategic market research firm, Americas Market Intelligence (AMI).

AMI Energy Practice Co-Director, Arthur Deakin, projects that Guyana could be producing 1.4 million barrels of oil per day by 2035, which is consistent with the aggressive production goals outlined by ExxonMobil’s, which is producing oil in Guyana.

Other countries, like the United States, have produced much more oil than 1.4 million barrels per day. However, Guyana is top of the pile on a per capita basis because of its very small population.

Features that make Guyana attractive include the very low breakeven costs associated with the production of the country’s crude, which are in the range of US$25 and US$35, one of the lowest globally.

Guyana’s oil is also light (meaning low density) and sweet (low sulphur content), which makes it not just cheap to produce, but less dirty than other fossil fuels.

More FPSO vessels coming

ExxonMobil, which is producing oil from the Stabroek block estimated to hold 10 billion barrels of oil, intends to have six floating production, storage and offloading (FPSO) vessels operating the block by 2027.

The oil company sees potential for as many as 10 FPSOs in the Stabroek block in the next 10 years and enjoys the support of the government.

Deakin explained that 20 per cent of the 10 billion barrels estimate is gas, noting that AMI sees Guyana becoming a gas exporting hub for CARICOM.

“Gas is going to be a tremendous monetisation opportunity in Guyana,” the AMI Energy Practice Co-Director advised.