Non-OPEC countries are expected to produce 65.97 million barrels of oil per day (b/d) in 2022, a year-on-year rise of 2.4 million b/d compared with 2.7 million b/d forecast last month.
The oil cartel said the main drivers of supply growth were expected to be in the US, Canada, Brazil, Kazakhstan, Guyana and Norway.
This year, Guyana’s production will surpass 340,000 b/d as the Liza Unity FPSO production ramps up and output at the Liza Destiny FPSO is optimized. The vessel was originally designed to produce at nameplate capacity of 120,000 b/d, but the increase was managed due to optimisation activities conducted during the last quarter.
“With two FPSO vessels expected to be in operation this year, it is anticipated that there will be 94 lifts from the Stabroek Block, 13 of which will be government lifts,” finance minister Dr. Ashni Singh has said.
The South American country’s oil production ramp-up in the period 2021-2025 will be unprecedented, and so steep that it exceeds the combined estimated growth of the next three countries combined. This is according to chief executive officer at Hess Corporation, John Hess.
“Guyana production through 2025 is set to exceed estimated growth from Mozambique, Iraq and Brazil combined,” Hess said during the 50th Annual Scotia Howard Weil Energy Conference held recently.
He said that the production ramp-up in a six-year period is not only unprecedented in the period 2021-2025, but also the best in the industry when compared to other steep production ramp-ups occurring from first oil.