Guyana’s offshore oil sector is poised for a significant breakthrough as the One Guyana floating production, storage, and offloading (FPSO) vessel prepares to dispatch its inaugural export cargo. The first shipment of the newly named ‘Golden Arrowhead’ crude is expected between late August and early September, marking a pivotal achievement for the ExxonMobil-led consortium, which includes Hess Corporation and China’s state-owned CNOOC.
The One Guyana FPSO, the fourth production vessel in the prolific Stabroek Block, will elevate Guyana’s total offshore production capacity beyond 900,000 barrels per day (bpd). The initial cargo is estimated at around one million barrels, which the consortium plans to offer through a public tender in the coming weeks.
The launch of Golden Arrowhead introduces a new light, sweet crude grade to the global market, enhancing Guyana’s position among producers of high-quality crude blends that are highly prized by refiners worldwide.
Guyana’s oil exports have surged rapidly, with shipments averaging 582,000 bpd last year. Industry forecasts, predict that production could reach 1.7 million bpd by 2030, assuming current development plans proceed as scheduled.
This milestone, including the upcoming tender, underscores Guyana’s rising strategic importance in the global crude supply network. With ExxonMobil, Hess, and CNOOC pushing ahead aggressively with exploration and development in the Stabroek Block, Guyana is set to maintain its status as one of the fastest-growing non-OPEC oil producers.
In just six years, Guyana has transformed from one of South America’s poorest countries into a burgeoning petrostate. With a population under one million, it is projected to become the continent’s second-largest oil producer, trailing only Brazil.
As Guyana continues its rapid ascent, it is emerging as a crucial supplier in the global petroleum market and is on track to become the world’s leading oil producer per capita, with output forecast to exceed one million barrels per day by the end of 2027.
