Guyana exported 225 crude lifts in 2024, as announced by Minister of Natural Resources Vickram Bharrat during a press conference on Tuesday.
Bharrat revealed that Guyana’s share was 28 lifts: seven from the Liza Destiny floating production, storage and offloading (FPSO) vessel, 11 from Liza Unity, and 10 from Prosperity.
Approximately a million barrels each, the lifts are shared based on a formula that allows Exxon and its partners to take up to 75% of annual production for cost recovery, while splitting the remainder 50-50 with the State.
Guyana’s share of the lifts is 12.4%, consistent with the formula in the Stabroek Block petroleum agreement.
Government data shows that crude production averaged 612,000 barrels per day (b/d) in the January-November 2024 period. In the same period, Guyana’s marketers secured deals totaling over US$1.9 billion in crude sales. ExxonMobil, Hess, and CNOOC paid the State US$348 million in royalties for four quarters of crude production from the final quarter of 2023 to the third quarter of 2024.
Revenue from oil sales and royalties are derived from crude oil production at the Stabroek Block. ExxonMobil, the operator, has a 45% stake, alongside Hess (30%) and CNOOC (25%).
Full-year production and revenue for 2024 are expected in the Guyana government’s budget presentation on Friday, January 17, 2025. Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh, will present a complete review of 2024 and the administration’s plans for 2025, including projections for the oil and gas sector.
