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Guyana’s oil sector grabs 64% of Caribbean foreign investments in 2023 – ELCAC

Aug 13, 2024 News

Kaieteur News – The Economic Commission for Latin America and the Caribbean (ECLAC) recently released a report highlighting the significant role Guyana’s oil sector has played in boosting Foreign Direct Investment (FDI) across the Caribbean.

According to the report, Guyana accounted for a remarkable 64% of FDI inflows in the Caribbean, largely driven by its burgeoning oil industry. The ECLAC report provides a detailed overview of FDI trends in Latin America and the Caribbean, noting that while some of the region’s largest economies, such as Brazil and Mexico, saw substantial declines in FDI inflows—down by 14% and 23% respectively—Guyana experienced a dramatic increase.

In 2023, FDI inflows to Guyana surged by 63.8%, reaching an impressive US$7.198 billion. This increase is primarily attributed to the rapid expansion of the country’s oil sector, which has attracted significant foreign investment since Guyana emerged as a new oil producer in the region. Overall, the Caribbean saw a 27.6% increase in FDI in 2023 compared to the previous year. Alongside Guyana, the Dominican Republic also contributed to this growth, with FDI inflows rising by 7.1%.

ExxonMobil Guyana Limited (EMGL) and its partners in the Stabroek Block discovered oil offshore Guyana back in 2015 and by December 2019, started producing oil.

Exxon is currently producing over 600,000 barrels per day (bpd) from just three projects in the Stabroek Block (Liza Phase 1, Liza Phase 2 and Payara). Currently, the block’s partners plan for the combined production capacity to reach approximately 1.3 million b/d by the end of 2027, with plans to develop three additional projects: Yellowtail, Uaru, and Whiptail.

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