Guyana’s Natural Resource Fund (NRF) received deposits totaling US$225.75 million (G$47.07 billion) in February 2025. This amount represents payments for sale of Guyana’s entitlement of crude oil from production offshore by ExxonMobil.
In February, when assessed against Brent, daily price differentials for Guyana’s crudes trended between US$72 and US$78 per barrel. The country’s crude is typically sold in cargoes of approximately one million barrels; Guyana’s receipts in February covered three cargoes, with an average sale price of US$75.25 per barrel.
Guyana expects to earn approximately US$2.16 billion (GY$450.9 billion) in oil sales revenue this year. The deposits received in February represent the first crude sales payment toward this total. The government has projected an average crude price of US$71.90 per barrel for 2025 production.
Additionally, while the NRF received US$84.2 million (G$17.5 billion) in January, those funds were royalty payments calculated based on the value of crude produced and sold in the fourth quarter of 2024. ExxonMobil, Hess, and CNOOC pay a 2% royalty on the value of all crude produced and sold. All payments are made quarterly, as such, Guyana has not yet received any royalties for 2025. The first royalty payment for 2025 is expected in April, covering crude produced and sold in the first quarter of 2025. Guyana expects to receive approximately US$340.6 million (GY$71 billion) in royalties from crude oil production and sales for the whole of 2025.
The first withdrawal from the oil fund for 2025 occurred in February, totaling US$400 million (G$83.4 billion). This withdrawal is part of the US$2.463 billion (G$513.7 billion) total authorized by the National Assembly to support the 2025 national budget.
After accounting for February’s deposits and withdrawal, Guyana’s oil fund closed the month with a balance of US$3.178 billion (G$662.5 billion).
All revenue deposited into the Natural Resource Fund is derived from oil sales and royalties from crude production in the ExxonMobil-operated Stabroek Block. Guyana’s demonstrated production capacity currently stands at approximately 660,000 barrels per day.
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.
