Floating production storage and offloading

Average daily production also climbed from approximately 639,000 barrels to about 902,000 barrels.

The increase follows the simultaneous operation of four floating production, storage and offloading vessels, or FPSOs, in the Starbrook block, following the start of production from the one Guyana FPSO in August

2025.

The government expects petroleum earnings to remain strong through the rest of the year, with the fifth FPSO expected to achieve first oil during the final quarter of 2026.

Guyana's broader economy also expanded significantly during the first half of 2026, with real gross domestic product estimated to have grown by 33.3%.

The non-oil economy recorded 10.1% growth, driven primarily by construction services and mining.

Era um primeiro-- um dos grandes booms da área de petróleo, em 2009, 2010, tá, setor de petróleo.

Eu vim pra ser country manager da Natco, que era uma empresa de processamento, é, primário, equipamentos que vão topside das FPSOs, que logo em seguida foi adquirida pela Cameron, que anos depois foi adquirida pela Schlumberger, que finalmente virou SLB.

Então acabei passando por várias empresas, mas, é, um processo um pouco turbulento, né, por causa dessas aquisições, que até hoje marcam muito o setor.

E, e foi nessa ocasião, em 2011, eu tava aqui no Rio de Janeiro, fui fazer doutorado em Economia, na área de petróleo.

What do you know about the infrastructure in Guyana versus Venezuela? Totally different.

I mean, we're talking about deepwater FPSOs, you're offshore, you've got You've got somewhere in the 30s API type grid.

You got a lot of gas, right? And so...

There's a very stable regime in Guyana.

Than and Param were delivered on August 28th, Bursa on the 27th, and Wantong 498 on the 25th.

The 27,824 LDT-FPSO Glow also arrived, along with Orange Link.

So the beach is active, but the fresh sales market is still thin, and local steel offered very little additional direction, holding around 64,000 taka per tonne.

Bangladesh also has a much more serious issue hanging over the market.

It was mostly just aerial drones, not ground or few subsea.

and they were starting to use them to inspect their assets, like an FPSO or a platform.

They were starting to use them for onshore for surveying and mapping.

But most of the things that they're using it for today weren't even around 10 years ago, and we might have had 10 companies who were showcasing what they did.

They don't do anything in August, so now you wait till September.

Um, you know, can you keep all the contracts that they had lined up to build an FPSO and do the, bring rigs out and so on, can they keep those open for months without conclusion? I think it's a very dangerous game, you know? You can find that they've put this thing on a back burner, take another year or two before it gets going again.

Mm.

Um, so, you know, all of these things, I would say for HCI, you know, they're absolutely massive risks.