The initiative targets GDP growth of more than 3% and the creation of one million additional jobs by 2030, with the mining sector positioned to play a central role in achieving those objectives.

Higher Oil Production Targets Drive Guyana’s Economic Expansion

With oil output expected to average 840,000 barrels per day (bpd) in 2026, with 309 crude cargoes forecast for export compared with 260 cargoes in 2025, the sector’s contribution to GDP is expected to remain bullish.

The government is targeting crude oil production of 1.3 million bpd by 2027 and 1.7 million bpd by 2030, creating the foundation for higher export earnings, stronger fiscal revenues and continued GDP expansion. Upcoming developments, including the $12.7 billion Uaru project, Whiptail, Hammerhead and Longtail, are expected to significantly increase production, and expand the sector’s contribution to an anticipated to reach GDP of between $50 billion and $69 billion by 2030.

Oil Investment Creates Opportunities Beyond Production

The sector’s contribution extends well beyond crude exports, with projects development accelerating the growth of a broader domestic economy as capital flows into construction, logistics, engineering, manufacturing, transport and financial services. The sector spent an estimated $3.6 billion with local businesses between 2019 – when first oil production was achieved – and 2025, reflecting the success of Guyana’s local content framework in ensuring that petroleum development generates tangible economic benefits for domestic companies and communities.

The petroleum sector has been the primary driver of Guyana’s exceptional economic performance. Oil production supported GDP growth of 63.3% in 2022, 33.8% in 2023, 43.6% in 2024 and 10.3% in 2025. According to the International Monetary Fund, offshore oil development has enabled Guyana’s economy to significantly outperform regional peers while accelerating its transition toward high-income economy status. The sector has also transformed the country’s fiscal position, with the Natural Resource Fund exceeding $3.1 billion by the end of 2024, including more than $1.1 billion deposited during 2024 alone, providing the government with unprecedented resources to finance national development priorities.

Oil Wealth Funds Infrastructure and Social Development

Oil revenues are also becoming a key source of financing for Guyana’s national development agenda. The government plans to utilize petroleum revenues to construct 40,000 homes over the next five years, while simultaneously investing in critical infrastructure, healthcare, education and transportation. In the energy sector alone, oil revenues are funding flagship initiatives such as the 300 MW Gas-to-Energy project, transmission network upgrades and clean cooking solutions, supporting energy mix diversification, improving electricity affordability and strengthening grid reliability.

As production continues to grow and new offshore projects enter development, oil and gas will play an increasingly important role in shaping Guyana’s economic future. Beyond generating export revenues and fiscal income, the sector is strengthening local industries, attracting international capital, supporting infrastructure development and creating opportunities across manufacturing, construction, finance and technology.

Caribbean Energy Week 2027 to Spotlight Guyana’s Growth Story

The role of oil and gas in driving GDP growth, investment and economic transformation will be a central focus at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments and international partners, the conference will examine how Guyana and the wider Caribbean can maximize hydrocarbon revenues to unlock the next phase of regional economic growth.

Ahead of the conference, an in-country launch in Guyana on 1, September 2026 at the Guyana Marriott Hotel in Georgetown, will explore strategies driving the Caribbean’s emergence as one of the world’s fastest-growing energy markets. The event will bring together government officials, investors, operators and industry stakeholders for an early look at the opportunities, priorities and partnerships that will shape the region’s energy future. To register, please visit https://apo-opa.co/46phc9L.

Halliburton has already begun repositioning its Venezuelan operations for the changing market. In April, Chairman, President and CEO Jeff Miller said the company was discussing commercial terms with customers and had visited its Venezuelan facilities, which he said were in better condition than expected. In July, Venezuela’s Supreme Court ordered the restart of Halliburton’s operations and the return of previously seized assets, removing a significant legal obstacle to the company’s reactivation. Halliburton has since posted new positions in Venezuela, including roles in Maturín covering logging and perforating maintenance and supply-chain procurement, as well as a technical sales position in Zulia.

The timing reflects growing demand for oilfield services as Venezuela moves to reactivate mature fields, expand drilling and bring new investment into production. Halliburton’s capabilities span the full well lifecycle, including drilling, formation evaluation, well construction, completion and production, with services such as well intervention, cementing and stimulation increasingly important as operators work to restore aging wells and infrastructure. As new investment moves from agreements into field activity, Halliburton is positioned to provide the technical expertise and equipment required to translate Venezuela’s resource potential into additional production.

The investment environment is also changing. Venezuela’s January 2026 reform of the Organic Hydrocarbons Law opened new avenues for private participation in primary hydrocarbons activities, including operating and production contracts under which private companies can assume technical, operational and financial management. Subsequent regulations issued in July established the framework for royalties and the integrated hydrocarbons tax, while oil companies have been working to migrate existing agreements into the new regime.

This evolving framework is creating an increasingly important role for international oilfield service companies capable of supplying technology, equipment and technical expertise at scale. Halliburton’s renewed engagement comes as Venezuela moves from regulatory reform and investment agreements toward the practical work of drilling wells, restoring production and expanding field capacity.

At Venezuela Energy Week 2027, Halliburton will bring its renewed Venezuelan presence into discussions on the practical requirements of production growth, from drilling and well construction to completion and intervention. Its Platinum Sponsorship will place the company at the center of conversations around how Venezuela can rebuild oilfield capacity and translate new investment into additional barrels.