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HomeNewsGUYANA’S REAL GDP EXPECTED TO GROW BY 47.5% - ASHNI SINGH

GUYANA’S REAL GDP EXPECTED TO GROW BY 47.5% – ASHNI SINGH

According to Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh, Guyana’s real GDP is projected to grow by a whopping 47.5 percent, representing the highest projected growth rate any nation is projected to achieve in 2022. 

Dr Singh has attributed this projected growth to the nation’s rapidly developing oil and gas sector and with Guyana’s second FPSO vessel, the Liza Unity, coming onstream in 2022, oil production will increase to some 340,000 barrels of oil per day

During his presentation of Budget 2022, Dr Singh said, “Ongoing exploration activities have continued to yield positive results, with 28 commercially viable oil discoveries to date in the Stabroek Block and an estimated recoverable resource of over 10 billion oil-equivalent barrels, a mere 6 years after first discovery.”

The government has already green lighted three projects in the lucrative Stabroek Block, those being Liza 1 currently in operation with Liza 2 expected to being operations later this year. Finally, Payara is expected to come onstream in 2024 and at that point it is expected that the Liza Properity FPSO will be raising production capacity to some 560,000 barrels of oil per day.

By 2030, Dr Singh disclosed that the government expects to reach 1 million barrels of oil per day as it is expected that Yellowtail will take daily production capacity up to some 810,000 barrels of oil per day by 2026/27. And with additional developments under consideration, the government is aiming to have some 6 FPSOs operating in Guyana’s waters producing 1 million bpd by 2030.

As development works on Payara and Yellowtail continue, Dr. Singh said the oil companies’ exploration programmes will continue in 2022 as the operators in the Kaieteur and Canje Blocks had already begun exploration programmes in 2021. Dr Singh also noted that exploration works are expected to begin in the Kanuku Block. 

Finally, Minister Singh noted that the third quarter of 2022 will see the government auctioning off available offshore blocks in an open and competitive manner, with maximum benefits coming to Guyanese.

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