Guyana’s Oil Output Remains Below 900,000 B/D For Third Month — Uaru Set To Reset Production Picture

• Guyana’s offshore oil production averaged 886,000 barrels per day (b/d) in July, up from 869,000 b/d in June but still below May’s 895,000 b/d, marking a third straight month below 900,000 b/d, according to government data reviewed by OilNOW. The four Stabroek Block developments had shown the ability to exceed 900,000 b/d earlier in the year.
• The softness continues to be driven by the Liza projects. Liza 1 averaged approximately 108,000 b/d in July and Liza 2 approximately 245,000 b/d, while the newer Payara and Yellowtail developments averaged roughly 263,000 b/d and 270,000 b/d, respectively.
• Liza 1, whose Liza Destiny floating production, storage and offloading (FPSO) vessel began producing in December 2019, has declined noticeably from prior-year levels. Liza 2 is less clear cut, as OilNOW’s review of daily data shows output fell sharply in the final week of July rather than declining steadily over time.
• Guyana nonetheless remains on course for another substantial increase in output from the fourth quarter of 2026. Uaru, the fifth Stabroek Block development, is expected to come onstream in the aforementioned quarter, with its Errea Wittu FPSO targeting up to 250,000 b/d, more than offsetting the Liza declines and pushing production to new highs.
• Production averaged approximately 899,000 b/d over the first seven months of 2026, with cumulative output since first oil in December 2019 reaching roughly 991.7 million barrels by the end of July. ExxonMobil has said the block passed one billion barrels during the third quarter, implying Guyana crossed the milestone in early August.
• All output comes from the Stabroek Block, operated by ExxonMobil with a 45% interest, alongside Chevron (through Hess) at 30% and CNOOC at 25%. The consortium has invested more than US$55 billion offshore Guyana, bringing four projects onstream since 2019, with Uaru to become the fifth.

(Source: OilNOW)