Guyana Expands Oil Sector as Officials Push Local Firms and Energy Investment

Guyana exported US$15.05 billion in crude oil in the first half of 2026, up 40% from a year earlier, as both volumes and prices rose. But the country directly received only US$1.9 billion in that period under its ExxonMobil oil deal, with larger inflows to the Natural Resource Fund coming later as cost recovery declined and profit oil increased.

Guyana’s Natural Resource Fund received about US$768 million in profit oil in September, bringing the closing balance to roughly US$5.5 billion after a US$200 million government withdrawal. With ExxonMobil having recovered its US$55 billion investment, Guyana’s oil share has risen to 39.8%, but analysts warn new Stabroek Block projects could push it back down unless stronger financing rules are set.

Guyana earned US$15 billion from crude oil in the first half of 2026, compared with US$1.146 billion from non-oil exports, underscoring the gap between the oil boom and traditional sectors such as rice, timber and sugar. Analysts warned this could deepen “Dutch disease,” while APNU’s Vinceroy Jordan said agriculture needs stronger investment. The government says the economy remains healthy, with non-oil growth still expanding.

Former EPA head Dr. Vincent Adams says Guyana broke environmental law by moving ahead with the Wales gas-to-energy project without an EIA for the NGL facility and power plant. He argues the assessment is needed to identify safety and environmental risks, especially as Phase Two is planned, and says the EPA has failed to publish required decisions for public review.

The IMF has urged Guyana to tighten oversight of public spending, resolve overdue cost-oil audits and improve transparency as oil revenues surge. It also called for better subsidy targeting, stronger procurement and anti-corruption rules, warning that more oil income should be saved if prices stay high. The advice comes as Guyana’s economy keeps growing fast, but fiscal deficits and governance risks remain.

The Guyana National Bureau of Standards is marking National Quality Week and World Standards Day with a focus on affordable and clean energy, highlighting how standards support safe, efficient and sustainable energy systems as Guyana expands. Planned activities include a social media campaign, a media sensitisation session, Root Cause Analysis training in Region Ten and staff recognition.

This opinion piece argues that Guyana’s Wales gas project shows why government needs stronger programme management, not just project oversight. ExxonMobil’s pipeline is finished, but downstream gas-processing and power facilities lag, creating interface risks, delayed benefits and confusion over who pays. The author says clear risk allocation and integrated planning are vital for future gas investments.

In an October 4 commentary, GTUC General Secretary Lincoln Lewis warned that Guyana’s oil-fuelled growth must be matched by social inclusion, fair access to jobs and stronger democracy or inequality could deepen. He questioned whether rising migration and the emigration of Guyanese could leave citizens sidelined in their own country and called for policies that strengthen participation, trust and upward mobility.

Opposition MP Sharma Solomon and former finance minister Winston Jordan are raising alarms over ExxonMobil Guyana’s planned maintenance on the offshore gas pipeline near Crane, saying it highlights delays and rising costs in the Gas-to-Energy project. They argue the pipeline has sat idle for nearly two years while the Wales power plant is unfinished, delaying promised cheaper electricity for Guyanese.

This opinion column argues that building Guyana is the responsibility of the government and elected leaders, not Exxon, and says President Ali and other politicians have failed to lead forcefully. While the writer criticizes Exxon Guyana head Alistair Routledge on several issues, he agrees with Routledge that Exxon was not elected to represent Guyanese people.

Opposition Leader Azruddin Mohamed is urging Guyana to study swapping crude oil for refined fuels like diesel and gasoline, while also creating a legally backed strategic fuel reserve to shield consumers from global price shocks. He says rising pump prices are hurting families in an oil-producing country and insists any deal must be transparent, audited and reported to Parliament.

Guyana’s GDP and debt indicators have improved with oil and gas revenues, and President Irfaan Ali said the lower debt-to-GDP ratio gives the government more room to spend on health, education, housing and infrastructure. He credited the PPP with reducing publicly guaranteed debt and said oil income can cover external obligations, but official figures show public debt still rose to US$8.57 billion by June 2026, with debt service up 30%.

An IMF review of Guyana’s booming oil economy says stronger oversight, tighter procurement compliance and better anti-corruption safeguards are needed as public spending surges under the PPP/C government. The Fund also urged faster oil-sector audits, improved disclosure by state enterprises and a long-term fiscal strategy so oil wealth benefits ordinary Guyanese and future generations.

ExxonMobil Guyana will maintain its 220-kilometre Gas-to-Energy subsea pipeline from October 14 to December 1 after inspectors found a near-shore anomaly off Crane, West Coast Demerara. The company says the line is still filled with nitrogen and poses no public or environmental risk. The work comes as the delayed GTE project nears start-up.

ExxonMobil Guyana will carry out offshore pipeline maintenance near Crane, West Coast Demerara from October 14 to about December 1, 2026, after inspections found an issue on a near-shore section earlier this year. The company says the pipeline is still filled with nitrogen and not in use, so there is no risk to the public or environment.

Guyana’s oil-driven expansion is keeping its economy well ahead of most Caribbean neighbours, with the World Bank saying offshore production has boosted growth, revenues and debt reduction since 2020. The report says the region is splitting between commodity exporters like Guyana and tourism-dependent economies facing slower growth, highlighting the need for stronger investment management so oil wealth benefits more people.

ExxonMobil Guyana will begin maintenance on a near-shore section of its offshore pipeline near Crane, West Coast Demerara, from October 14 to about December 1, 2026, to fix an issue found during earlier inspections. The company says the line is still filled with nitrogen, poses no public or environmental risk, and the work is meant to avoid delays before Gas-to-Energy start-up.

Guyana’s EITI membership requires the government to publish timely, verifiable data on oil and other resource production, but critics say the information on its website often appears more than a month late and is hard for the public to use. The country also lacks independent metering to confirm ExxonMobil’s reported output, raising concerns about transparency and revenue accuracy.

Guyana Development Bank began operations Monday, offering interest-free, collateral-free loans of up to G$3 million for individuals and SMEs through an online platform and bank help desks nationwide. A seven-member board was also installed as the government says the bank will expand access to finance, especially for young people, women and vulnerable groups.