Guyana could be producing close to 1.2 million barrels per day by next conference – Min Bharrat

Minister of Natural Resources Vickram Bharrat on Wednesday underscored leadership, sound management and strong partnerships as the three key pillars driving Guyana’s rapid transformation into a leading oil and gas producer.

Speaking during a ministerial panel discussion on regional energy security at the ongoing Guyana Energy Conference and Supply Chain Expo, Minister Bharrat reflected on Guyana’s remarkable journey from oil discovery in May 2015 to first oil in December 2019, to current production exceeding 900,000 barrels per day.

“That is quite an achievement,” he told the audience gathered at the Guyana Marriott Hotel in Kingston, Georgetown.

He noted that by the time of next year’s conference, Guyana could be producing close to 1.2 million barrels per day.

He said the country’s rapid rise to become one of the fastest growing economies globally is not accidental but the result of bold, decisive and visionary leadership.

“Leadership is critical. Decision-making is very important. Making bold decisions is critical in developing any sector, more so a capital-intensive sector like oil and gas,” he emphasised.

The natural resources minister noted that the renewed mandate granted to President Dr Mohamed Irfaan Ali and the People’s Progressive Party/Civic at the September 2025 General and Regional Elections was a reflection of public confidence in the government’s stewardship of the sector and the broader economy.

Guyana has moved swiftly to establish a world-class governance framework grounded in transparency and accountability.

Minister Bharrat highlighted the passage of the Natural Resource Fund Act in 2021, which strengthened oversight of oil revenues through parliamentary approval, scrutiny by the Public Accounts Committee and audits by the Auditor General.

The Natural Resource Fund, he explained, ensures oil revenues can only flow into the national budget with parliamentary approval or, in the case of a national emergency, safeguarding the resources for present and future generations.

“We are developing our infrastructure and transforming our country while at the same time building a sovereign wealth fund,” he said, noting that many oil-producing countries established such funds decades after production began.

Minister Bharrat also pointed to the Local Content Act as another major milestone. Despite initial concerns from some quarters that the legislation could deter investors, he said it has instead strengthened the sector by ensuring meaningful Guyanese participation.

At present, more than 1,200 local companies are registered to participate in the oil and gas industry, with thousands of Guyanese employed and trained in technical and professional roles.

“We do not want Guyanese to be bystanders in this sector,” he stated. “We want petroleum engineers, reservoir engineers and technicians managing and operating the industry.”

Close to 7,000 Guyanese are currently employed in the oil and gas sector, supported by targeted training initiatives and the commissioning of the Guyana Technical Training College to build local capacity.

Partnership has been the third essential ingredient in Guyana’s success.

The minister described the government’s working relationship with operator ExxonMobil and its co-venturers as strong and productive, while also emphasising collaboration with local private sector companies and contractors.

He further stressed the importance of regional cooperation among Guyana, Suriname and Trinidad and Tobago to advance shared energy security goals, as well as international partnerships to attract investment, technology and expertise.

“You invest in Guyana because there is predictability, there is stability, there is security for your investment, and you have a government that encourages and ensures that your investment is safe and worthwhile,” he said.

The panel also featured Minister of Oil, Gas and Environment of Suriname, Patrick Brunings, and keynote speaker, Minister of Energy and Energy Industries of Trinidad and Tobago, Roodal Moonilal.