Guyana becomes hotspot for oil firms ramping up global supply

Feb 18, 2026 News

…Chief Oil Data Analyst says country “has been a blessing”

By Rehanna Ramsay

(Kaieteur News) – Given the growing demand for new oil supply globally, Simon Flowers, Chairman of Global Energy Data Analytics Firm, Wood MacKenzie, told the opening of the Guyana Energy Conference and Supply Chain Expo on Tuesday, that the impact of the nation’s input cannot be overstated.

In fact, Flowers, a top data analyst for the company said, “Guyana has been a blessing,” in the industry, coming at a time when oil operators are looking to scale up production to fill the demand globally.

He asserted “ExxonMobil demands about 104 million barrels right now, and they think it’s going to be [more than] 104 million barrels in 2050 and OPEC, who has some skin in the game, of course, have got an even higher number. So, what that means is the industry needs to keep investing in developing new supply. We need another 20 million barrels per day of new supply by the middle of the next decade. And I’m going to come back to a little bit later. So, in Guyana has been a blessing, coming along just at the right time…”

Guyana becomes hotspot for oil firms ramping up global supply

Simon Flowers, Chairman of Global Energy Data Analytics Firm, Wood MacKenzie

The chief oil data analyst said that from the start of its production, Guyana has made the third largest non-Organisation of the Petroleum Exporting Countries (OPEC) contribution to the sector.

He told delegates present at the annual conference that Guyana is listed among the top location for petroleum resources in the coming decade when the global demand will peak.

“From the start of production in Liza in 2019, Guyana has made the third biggest contribution to the growth in non-OPEC production through 2025 and if we move on another, we’ll see that in the next 10 years. It’s even more, not quite the million barrels per day that was mentioned earlier, but certainly in our forecast, maybe a conservative about point 8 million barrels per day, and it’ll be the second biggest over the next 10 years, behind Brazil.”

He emphasised that the world needs to develop 20 million barrels per day of new supply to meet demand in 2035. “And this is where probably most of it is going to come from is actually existing discovery. It’s not future exploration. Is stuff we know about that needs to be developed,” he said.

Additionally, Flowers noted that Guyana’s price in terms of cost per barrel is highly competitive. He explained that when compared to other developers that have costs which range from $40 to $70 per barrel Guyana’s has an advantage with a cost of $26 per barrel.

“Deep Water is typically quite expensive actually to drill and develop, but big enough reserves mean that the net costs are quite low, and Guyana has this incredible advantage of $26 per barrel break even costs, which, as I say, they are advantage barrels. That means low cost, $26 a barrel…”

According to the data analyst, the oil operators within the Guyana context such as China National Offshore Oil Corporation, CNOOC, ExxonMobil and Chevron are set to be the biggest benefactors since “the big fields like Guyana tend to get bigger.”

“So, Guyana is there for ExxonMobil, and we look at it the same for Chevron and the same from Chinese national offshore oil company. And so, Guyana knows the scale growth and margins to drive each of these companies’ business forward into the 2030’s there’s a super important asset for them…We’re looking here at the investment profile that these companies are putting into the offshore area. And that investment is absolutely massive. It goes up to about just short of $10 billion per year. Absolutely massive.”

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Global oil supply, Guyana Oil, Oil Data Analyst, Simon Flowers, Wood Mackenzie

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