“Better than expected” Guyana’s oil economy grew 124.8% in 2022 – Finance Minister

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Guyana’s Finance Minister Dr. Ashni Singh said the country’s oil sector expanded by 124.8% in 2022.

The Minister revealed this during his presentation of Guyana’s 2023 budget.

A total of 101.4 million barrels of crude were produced in the full year from the Liza projects, compared to 42.7 million barrels in 2021. The growth is attributed to the commencement of production at the Liza Unity floating production unit.

The projects collectively averaged 297,000 bpd for the full year.

Liza Destiny produced 128,000 bpd average, compared to 117,000 bpd in 2021.

Liza Unity produced 169,000 bpd average, reaching a peak monthly rate of just over 233,000 bpd in December.

ExxonMobil is the operator of both projects in the Stabroek Block.

Singh said 102 lifts of crude oil were produced in 2022, with 13 set aside for government. The rest were shared between Stabroek Block co-venturers – ExxonMobil, Hess and CNOOC – according to their stakes in the license.

Based on Guyana’s lifts, the Natural Resource Fund received US$1.099 billion – US$510.2 million from Liza crude and US$588.9 million from Unity Gold.

Of the government lifts, payment was received for 11 in 2022. Counted with royalty receipts totaling US$155.2 million, the Fund closed 2022 with US$1.27 billion. The payments for the other two lifts will be received in January.

The Minister reminded that the government withdrew US$607.6 million over the course of the year, to support 2022, with Funds accrued in the years before 2022.

Dr. Singh explained that the “better than expected” performance of the petroleum sector fueled growth of the country’s overall economy, which is estimated at 62.3% in 2022.

The non-oil economy, the Minister said, reflected “strong expansion” of 11.5%.

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