Guyana’s economy should grow 34.3% in 2024, exceeding growth of 33% in 2023, as an Exxon Mobil-led consortium ramps up offshore crude oil production, the country’s finance minister, Ashni Singh, said.

The projected economic growth in 2024 will represent the fifth consecutive year in which the Guyanese economy will grow more than 20%, and will result in Guyana growing at an annual average of 38.8% over that five-year period, Singh said Jan. 15 during his 2024 budget speech and presentation.

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Guyana’s oil sector expanded 45.9% in 2023, Singh said. Oil production was 142.9 MMbbl in 2023 compared to 101.4 MMbbl in 2022. Singh said Exxon Mobil’s Liza Destiny FPSO in the offshore Stabroek Block produced at a rate of 142,000 bbl/d in 2023, while the Liza Unity FPSO produced 235,000 bbl/d.

Overall, Guyana’s economic growth in 2023 was aided by the start of production at the Prosperity FPSO in Stabroek, which will support continued growth in 2024 as it ramps up its operations, Singh said.

Exxon operates Stabroek with a 45% interest with partners Hess Corp. (30%) and CNOOC (25%). Chevron, which is acquiring Hess in an all-stock deal valued at $53 billion, would move into the consortium as a result of the deal.

Exxon expects gross combined production from its first offshore project, Liza Phase 1 (using the Destiny FPSO); the second project, Liza Phase 2 (using the Unity FPSO); and the addition of the third project, Payara (using the FPSO Prosperity), will be around 620,000 bbl/d in the first half of 2024.