Guyana's economy has experienced a remarkable 49.7% growth in the first half of the year, driven primarily by oil and gas revenues from the burgeoning Stabroek Block.
Guyana booked an increase of 49.7% in its real gross domestic product for the first half of the year, led by oil and gas revenues, the country’s government said in an update. Growth in the oil and gas sector specifically stood at 67.1%, local media reported, while growth from the non-oil part of the economy stood at 12.6% over the six-month period. Guyana has seen its GDP triple over the past three years as oil production began in earnest.
Production from the Stabroek Block is seen by Exxon reaching 1 million barrels daily in 2027. These developments have turned the tiny South American country into a major oil supply growth engine and spurred predictions it could turn into the second-largest oil producer on the continent. Output in Guyana is seen rising to over 1.6 million barrels daily by 2030, as the government seeks to maximize returns from the industry before the predicted demand growth peak.
GDP Growth Oil And Gas Stabroek Block Exxon Hess Corp. CNOOC Oil Production Economic Development South America
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