The Government of Guyana is progressing with plans to enhance governance and institutional capacity in the country’s growing oil and gas industry, according to Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh.
During the Budget 2026 presentation, Dr Singh stated that the administration is working to create a modern and credible governance system for the oil and gas sector, which involves updating laws and regulations, strengthening key institutions, and continuously developing technical skills within the public sector.
In the past five years, the government has launched a wide-ranging legislative reform effort to align the petroleum sector with international standards. This includes enacting the Natural Resource Fund (NRF) Act and the Local Content Act (LCA) in 2021, the Petroleum Activities Act (PAA) in 2023 – which replaced the 1986 Petroleum Act – and the Oil Pollution Prevention, Preparedness, Response and Responsibility Act (OPPPRRA) in 2025 to address environmental risks and emergency protocols.
Dr Singh added that the government plans to update the First Schedule of the Local Content Act this year to expand the range of goods and services eligible under local content rules. The review of regulations under the Petroleum Activities Act is progressing, incorporating lessons from the Hammerhead Petroleum Production Licensing process, with finalisation and implementation of the regulations expected this year. Also expected this year are the implementation and rollout of coordinated compliance and enforcement measures.
Dr Singh emphasised the administration’s commitment to developing human capital within the petroleum governance framework, highlighting the importance of strengthening local skills for managing the petroleum economy effectively. In 2025, government agencies took part in targeted training sessions led by industry experts in areas such as market analytics, cost estimation, and scenario modelling, with further such sessions planned.
Guyana is seeing its offshore sector expand rapidly, which in turn is spurring significant economic growth in the country and creating much-needed jobs. ExxonMobil Guyana Limited and its Stabroek block co-venturers, Hess Guyana Exploration Limited, and CNOOC Petroleum Guyana Limited are progressing several offshore developments in Guyana’s offshore Stabroek Block. The consortium reached a new production milestone of 900,000 bopd in November 2025, following the ramp-up of Yellotail, Guyana’s fourth offshore project, and excellent operating performance from other assets. The Uaru and Whiptail projects, Guyana’s fifth and sixth projects, due to begin operations in 2026 and 2027 respectively, are each expected to produce approximately 250,000 bopd. Hammerhead, the seventh project, is expected to add approximately 150,000 bopd when production begins in 2029. An eighth project, Longtail, is currently undergoing regulatory reviews. Once approved, ExxonMobil Guyana expects to have total production capacity of 1.7mn bopd from the eight developments.
