Guyana’s ExxonMobil-led producers achieved a key milestone earlier this month, with the Buri floating production vessel reaching full capacity and producing 900,000 barrels of oil per day at the Stabroek field. This production is part of Guyana’s ambitious plan to expand offshore production to 1.7 million barrels per day (bpd) by 2030 across eight licensed developments.
Guyana’s production growth is particularly notable in the global context, with non-OPEC+ supplies expected to drive much of the next wave of global oil production. The International Energy Agency predicts that countries including Guyana, Brazil, Canada and the United States could together contribute nearly a third of the increase in global oil supplies by 2030.
In certain scenarios, rapid expansion could approach or even exceed demand growth, but the outlook does not necessarily indicate oversupply. Demand remains strong in many emerging markets, and Guyanese crude continues to find willing buyers. In 2024, more than two-thirds of the initial export volume went to Europe. In Europe, refiners appreciate its light and sweet quality. South America, led by Guyana and Brazil, is expected to remain the main driver of non-OPEC+ supply growth through 2030.
Along with Guyana, Suriname’s offshore basin is rapidly gaining attention, with emerging fields attracting exploration and investment. Future licensing rounds, technology capacity building, and planned developments such as the Block 58 project, which targets initial production of 220,000 barrels per day by 2028, are expected to strengthen the basin’s position as a frontier offshore hub and create opportunities for regional energy integration.
In the wider Caribbean region, increased production in Guyana and Suriname could increase the availability of crude oil, supplying feedstock to local refineries and reducing costs. Additionally, future gas-to-shore projects in both countries could provide cleaner-burning natural gas for power generation and industry, strengthening regional energy security and supporting energy diversification.
These themes will be featured at the first Caribbean Energy Week, to be held in Paramaribo from March 30 to April 1, 2026. A plenary panel discussion on “Deepwater Excellence – Driving Growth in the Guyana-Suriname Basin” will explore how the rapid expansion of offshore production in Guyana and Suriname will contribute to global and regional supply, as well as share lessons from these frontier projects that can inform large-scale development, workforce skill-building and investment strategies across the Caribbean.
Achieving 1.7 million barrels per day in Guyana will require continued investment, drilling and solid infrastructure, along with regulatory and financial stability. Similarly, future projects in Suriname will depend on clear licenses, favorable terms and sustained technical performance. While the global energy transition is likely to impact long-term oil demand, short- and medium-term forecasts suggest that combined Guyana and Suriname production will be strategically absorbed into global markets, supporting regional energy needs.
Join us in shaping the Caribbean’s energy future. To participate in this groundbreaking event, please contact sales@energycapitalpower.com.
