Impoverished South American country Guyana, once long ignored by the world, has emerged as a major global oil producer after supermajor Exxon made a swath of world-class discoveries in its territorial waters. Since production began in 2019, the national government in the capital, Georgetown, has reaped a massive economic windfall, with gross domestic product GDP surging to record highs.
Guyana’s petroleum production is forecast to exceed 1.5 million barrels per day by 2030, potentially making the former British colony South America’s second-biggest oil producer, behind Brazil, and the 14th largest globally. This rapidly expanding oil output will deliver an ongoing economic bonanza for a country that was among South America’s poorest before Exxon’s throng of world-class oil discoveries.