ExxonMobil’s Offshore Oil Discovery Propels Crude Oil to Guyana’s Largest U.S. Export
Georgetown, Guyana – March 6, 2025 – Guyana’s crude oil exports to the United States have surged following ExxonMobil’s major offshore discoveries, making oil the nation’s largest export to the U.S. This milestone marks a significant shift in Guyana’s economic landscape, with petroleum now dominating the country’s trade with its North American partner.
Since ExxonMobil’s first major oil find in 2015, Guyana has rapidly emerged as one of the world’s fastest-growing oil producers. The discoveries, primarily located in the Stabroek Block, have transformed the once agriculture-dependent nation into a key player in the global energy market. With production surpassing 600,000 barrels per day (bpd) and expected to exceed 1.2 million bpd by 2027, Guyana’s crude oil exports to the U.S. have steadily increased, surpassing traditional exports such as gold, rice, and sugar.
According to the latest trade data, crude oil now constitutes the majority of Guyana’s exports to the United States, reflecting the strengthening energy ties between the two nations. The U.S. has become the primary buyer of Guyanese oil, with major refiners in Texas and Louisiana processing the light, sweet crude. This shift in trade dynamics has significantly boosted Guyana’s revenue, fueling economic growth and infrastructural development.
Vice President Bharrat Jagdeo emphasized the importance of oil revenues in national development, stating, “The proceeds from our oil sector are being strategically invested in infrastructure, education, and healthcare. Our goal is to ensure that the benefits of oil wealth translate into long-term prosperity for all Guyanese.”
ExxonMobil, in partnership with Hess Corporation and China’s CNOOC, has led exploration and production efforts in Guyana’s offshore waters. With over 11 billion barrels of recoverable reserves identified, the country is poised to become a major energy supplier in the Western Hemisphere. Analysts predict that Guyana’s oil production could rival that of some OPEC nations within the next decade.
The rapid rise of the oil sector has also raised concerns about environmental sustainability and economic diversification. Experts warn against overreliance on petroleum exports and urge the government to develop policies that ensure fiscal stability in the event of price fluctuations. In response, Guyana has established a sovereign wealth fund to manage oil revenues prudently and support long-term economic resilience.
As Guyana cements its position in the global oil industry, its trade relationship with the United States is expected to deepen. With increasing investments and partnerships in energy infrastructure, the South American nation is on a trajectory to become a leading oil exporter, reshaping its economic future for generations to come.
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