Guyana has rapidly become one of South America’s top oil producers after a series of high-quality discoveries in the offshore Stabroek Block. The country, once impoverished, now ranks among the wealthiest in the region, with significant economic benefits from its oil boom.

ExxonMobil, Chevron, and CNOOC made the first oil discovery in Guyana’s Stabroek Block in 2015. The estimated recoverable oil resources in the area are around 11 billion barrels, with light and sweet crude. Guyana’s rapid development from discovery to production in just four years is remarkable in the oil industry.

Exxon brought its fourth project, Yellowtail, online in August 2025, producing 900,000 barrels per day from the Stabroek Block. This development has propelled Guyana to become South America’s third-largest oil producer, surpassing Ecuador, Colombia, and Argentina. Further growth is expected with additional projects underway.

Chevron stated that there is more oil in Guyana’s Stabroek Block than the estimated 11 billion barrels. Exxon continues exploration and appraisal drilling in the area, aiming to boost production capacity. The country’s favorable production sharing agreement with the oil consortium has contributed to its rapid growth in the sector.

Georgetown revised its contracts with oil companies to increase its share of profits from offshore petroleum reserves. The changes include reducing cost oil to 65% and introducing a 10% royalty and corporate tax. Exxon and its partners benefit from the low breakeven price of $30 per barrel in the Stabroek Block, making it a profitable venture.

Read more at Yahoo Finance: Guyana’s Record-Breaking Oil Boom