Guyana oil exports to generate US$11.3 billion in 2023

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Kemol King
Kemol King is a journalist with six years of experience in Guyana's media landscape. He covers the oil & gas sector and its impact on the country's development.

The Guyana government expects crude oil exports this year to generate US$11.3326 billion in 2023, a 14% increase from the 2022 figure, according to budget documents. 

These revenues are expected from oil production at the ExxonMobil-operated Stabroek Block, from the Liza field and Payara (expected to start up by year end). From January to May, the Stabroek Block produced over 376,000 barrels per day (bpd), and is on track to exceed 135 million barrels over the full year, at this rate. Guyana exported 101 million barrels last year, at approximately 297,000 bpd.

Based on the fiscal terms of the Stabroek Block Production Sharing Agreement (PSA), ExxonMobil and its partners would recover roughly US$8.5 billion of expenses, up from US$7.4 billion in 2022.

Guyana is expected to receive approximately US$1.4 billion in revenues from the sale of 17 lifts, representing its share of crude. So far, the Natural Resource Fund has received payments for seven lifts. Guyana has also received approximately US$110.8 million in royalties, out of the roughly US$225 million expected this year. 

When Payara comes in, output in 2024 will benefit from a significant hike to 600,000 bpd, from 375,000 bpd this year. So too will revenues increase. New projects will also start in 2025 and 2026, continuing the upward trek of oil production to 1.3 million bpd.

ExxonMobil has 45% operating stake in the Stabroek Block, while Hess (30%) and CNOOC (25%) are its partners.

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