Revenue from Guyana’s rapidly expanding oil sector is expected to fund 32% of the country’s 2026 national budget, as offshore crude production continues to serve as a pillar of support for the government’s budget.
The contribution of GY$495 billion (US$2.37 billion) will be transferred from the Natural Resource Fund (NRF) to support the GY$1.558 trillion (US$7.47 billion) budget, Dr. Ashni Singh, Senior Minister in the Office of the President with responsibility for Finance, revealed during the budget presentation on January 26.
The 2026 budget represents an increase of US$6.628 billion over the 2025 allocation, with spending earmarked for infrastructure, housing, health and education as the government continues to scale up development spending with oil income.
Guyana began drawing directly on oil revenues in 2022, when transfers from the NRF accounted for 23% of the national budget. That share rose to 29% in 2024, and further to 37% in 2025, reflecting both higher production and increased withdrawals from the oil fund. The 2026 allocation marks a marginal decrease in oil’s budgetary contribution compared with last year’s US$2.463 billion.
Guyana’s NRF is governed by a formula enshrined in law to determine a legally allowable withdrawal from the deposits in the previous year. In 2025, the NRF recorded inflows of US$2.47 billion (GY$515 billion).
Oil revenues are generated primarily from the ExxonMobil-operated Stabroek Block, where production has climbed steadily since first oil in late 2019. Output capacity is about 900,000 barrels per day (b/d), with total capacity expected to rise further as new projects come on stream.
Guyana is projected to reach production capacity of 1.15 million b/d in 2026, supported by the start-up of the Uaru project, following earlier developments including Liza, Payara and Yellowtail.
The Stabroek Block is operated by ExxonMobil, which holds a 45% stake, alongside Hess (30%) and CNOOC (25%).
