Guyana Now Expects Economic Growth Of 57.8%; Producing 350,000 Barrels Of Oil Per Day

• Guyana’s economic growth rate has been revised up from 47.5% and 49.7% projected in the 2022 national budget and by the World Bank, respectively. The country is now expected to grow by 57.8%, according to Finance Minister Dr. Ashni Singh.
• The announcement comes even as the mid-year report is yet to be released but also with some 350,000 barrels of oil being produced per day in the offshore basin of the new oil-producing nation.
• Additionally, the country has a wealth of oil amounting to 11Bn barrels of proven reserves and still counting. As such, the country is well positioned to benefit from elevated oil prices. Guyana is now seen as the fastest growing economy with the third-largest reserves in Latin America and the Caribbean and the 17th in the world.
• Of note, the start-up of Phase 2 of the Liza Development with the arrival of the Liza unit storage and production facility in October 2021, has pushed daily output in South America’s newest oil-producing nation to above 300,000 barrels per day. This will support the country’s goal of producing one million barrels of oil per day by 2029.
• The country’s strong non-oil sector is also expected to grow by 7.7% this year, building on the 4.6% growth recorded last year.

(Source: Newsroom)