South America’s latest oil producer, Guyana has become a hotspot for project activity in the oil and gas market. Following a string of successful discoveries at the Stabroek block announced by ExxonMobil and partners since the original Liza-1 discovery in 2015, the country is now producing about 380,000 barrels per day from two FPSOs, with a third unit – the Prosperity FPSO – expected online soon. Additional development phases, featuring some of the world’s largest FPSO designs by SBM Offshore and Modec, are progressing: the Yellowtail and Uaru field development projects will start operations in 2025 and 2026, respectively. A sixth phase – the Whiptail oil field – is expected to be sanctioned in early 2024. Exploration
and appraisal campaigns are still being carried out, potentially unveiling additional field development projects. Hess Corporation, one of the Stabroek partners, believes the block may hold up to 10 FPSOs.

While E&P remains the key source of opportunities for the oil and gas supply chain in Guyana, midstream and power are now emerging sectors. An ambitious project to utilise gas produced offshore is advancing, with Subsea 7 and Van Oord selected to build a 250km pipeline from the Liza field to the shore. A natural gas processing plant and a gas-fired power plant are also being built, allowing Guyana to reduce dependence on fuel imports and replace diesel and fuel oil as power generation sources with cleaner natural gas.

Guyana’s project portfolio is increasing in number and CAPEX, and contract activity
grows steadily every year. From FPSOs to pipelines and gas processing plants, the
South American country offers a wealth of opportunities for the energy supply chain.