Guyana’s Natural Resource Fund (NRF) recorded deposits totaling US$605.46 million (GY$126.24 billion) in the first quarter of 2025, representing earnings from the sale of seven lifts of profit oil and one quarterly royalty payment. The figure edges just above the US$604.34 million (GY$126 billion) deposited in the first quarter of 2024.
Guyana’s daily oil revenue for the first quarter of 2025 worked out to roughly US$6.73 million per day (GY$1.4 billion), slightly higher than the Q1 2024 average of US$6.64 million (GY$1.38 billion).
The average price paid for Guyana’s crude in Q1 2025 was approximately US$74.47 per barrel, down from US$77.25 per barrel in the same quarter the previous year.
Despite the dip, increased production volumes in late 2024 helped to offset the effects of the price decline, resulting in higher royalties. The royalty payment received in Q1 2025, which stood at approximately US$84.17 million (GY17.55 billion), reflected production from the fourth quarter of 2024. This marked a noticeable increase from the US$63.6 million (GY$13.26 billion) received in Q1 2024, which was based on production in the fourth quarter of 2023, when ExxonMobil’s Payara project had just come online and was still ramping up.
Payara, the third development in the Stabroek Block, achieved its nameplate capacity of 220,000 barrels per day (b/d) by January 2024 and was subsequently optimized to produce up to 250,000 b/d later that year. This lifted the overall Stabroek Block output significantly.
Royalties are paid quarterly at a rate of 2% of the value of crude produced and sold by ExxonMobil and its Stabroek Block partners, Hess and CNOOC. Importantly, the royalty received in January does not reflect 2025 production. The first royalty payment for 2025, covering Q1 production, is expected in April.
All NRF inflows to date have been derived from oil sales and royalties from the ExxonMobil-operated Stabroek Block. Guyana’s demonstrated production capacity currently stands at approximately 660,000 b/d. This figure is set to increase to around 900,000 b/d with the commissioning of the Yellowtail development, including the ONE GUYANA floating production, storage and offloading (FPSO) vessel, expected to arrive offshore soon.
With increased production capacity and steady lift entitlements, the country’s daily and quarterly earnings are poised to grow, even in a lower price environment.
For 2025, the government projects US$2.16 billion (GY$450.9 billion) in oil sales revenue, assuming an average crude price of US$71.90 per barrel. Royalty earnings are expected to reach US$340.6 million (GY$71 billion) based on 2025 output projections.
Guyana’s Oil Ledger offers analyses of the latest oil production data and government oil fund receipts, published typically on a fortnightly basis. The column is authored by Kemol King, a journalist specializing in Guyana’s oil and gas sector.
