Guyana and ExxonMobil expect oil production to jump to 1.3 million bpd by 2030, which would double the current output volumes. With higher production came a surge in Guyana’s crude oil exports in recent years. More than half of these are going to Europe, where refiners have been increasingly appreciating Guyana’s crude grades—Liza, Unity Gold, and Payara Gold. These crudes are sweeter and lighter compared to the crude of some other South American exporters, such as Mexico or Colombia.
Since the end of 2019, when Guyana exported its first crude oil cargo, the country has become the fifth biggest exporter in Latin America, after Brazil, Mexico, Venezuela, and Colombia. Guyana’s plans for developing its burgeoning petroleum industry don’t stop with increasing its share of the global oil market.