Guyana government’s 2024 receipts from oil production exceed US$2 billion

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Kemol King
Kemol King is an independent journalist with six years of experience in Guyana's media landscape, contributing to OilNOW on a freelance basis. He covers the oil & gas sector and its impact on the country's development.

Guyana’s Natural Resource Fund (NRF) received more than US$2 billion in revenue projected this year and is set to receive several hundred million more by year-end. 

The Fund received US$151.4 million in oil sales revenue in October, representing payments for two million-barrel lifts. This takes oil sales payments this year to US$1.7 billion for 21 lifts of crude produced and sold this year. 

Government expects nearly US$2.3 billion in oil sales revenue from crude produced and sold this year, from 27 lifts. That leaves six more lifts, representing approximately US$587 million. However, with the current prices of Guyana’s crudes tending below US$75 per barrel, Guyana’s receipts in October are not likely to meet the government projection.

The Fund received a payment of royalties in October, representing production in the third quarter. The payment is the fourth received this year, with the first representing production in the fourth quarter of 2023. Royalties for the final quarter of 2024 will be paid into the Fund in January 2025. 

Government expected US$353.8 million in royalties this year but received US$348 million.

Withdrawals from the Fund as of October amounted to US$1.15 billion in 2024. The government will withdraw US$436 million more before year-end.

The balance of the NRF as of October’s end was US$3.14 billion.

All revenue from oil sales and royalties are derived from crude oil production at the Stabroek Block, at 660,000 barrels per day (b/d), according to government data. ExxonMobil, the operator, has a 45% stake, alongside Hess (30%) and CNOOC (25%). 

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.

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