Guyana’s Natural Resource Fund (NRF) received about US$195 million in November 2025, driven by crude oil sales and the first signing bonus paid to the fund, according to the latest NRF report.
The fund took in roughly US$191.6 million from the sale of multiple cargoes of Guyana’s share of crude oil during the month. An additional US$3.75 million was deposited as a signing bonus, lifting total November inflows to approximately US$195.4 million (GY$41 billion).
The signing bonus stems from a petroleum agreement signed in November for the shallow water Block S4 offshore Guyana. The licence was awarded to a consortium led by France’s TotalEnergies, alongside QatarEnergy and Malaysia’s Petronas.
At the signing ceremony, the government announced a total bonus of US$15 million, but the NRF report shows that only US$3.75 million was deposited in November. The government has not indicated whether the S4 bonus is expected to be paid in tranches.
The payment is notable as it marks the first time the NRF has received a signing bonus linked to the award of an offshore petroleum block. A further signing bonus is expected in December following the award of Block S7 to Cybele Energy, a Ghanaian company, which carries an announced bonus of US$17 million.
With the November deposits, total oil revenues paid into the NRF in 2025 now exceed US$2.2 billion (GY$461 billion). That figure includes payments for crude oil cargoes sold during 2025, as well as revenues received in January for two cargoes sold in December 2024.
Up to November, Guyana has received payments for 25 crude oil cargoes sold in 2025. The government estimates that the country is entitled to 33 cargoes produced this year, leaving about eight payments outstanding. Those inflows are expected to be reflected in NRF reports for December 2025 and January 2026.
Royalties have also been a major contributor to the fund this year, though no payment was made in November. Guyana received approximately US$330.6 million (GY$69 billion) in royalties in 2025. The next royalty payment comes in January for crude oil produced and sold in the fourth quarter of 2025.
On the outflow side, the government made another withdrawal from the NRF in November, amounting to roughly US$200 million (GY$41.7 billion). This brings total withdrawals for 2025 to around US$1.8 billion. Parliament approved a maximum withdrawal of US$2.463 billion for the year to finance the government’s development program.
After accounting for November’s inflows and the latest withdrawal, the NRF closed the month with a balance of approximately US$3.64 billion (GY$759 billion).
The update comes as ExxonMobil moves to stabilize Guyana’s offshore oil production. Output reached about 900,000 barrels per day (b/d) in November after the Yellowtail project ramped up to its nameplate capacity of 250,000 b/d. All current production is from ExxonMobil’s Stabroek Block, operated in partnership with Hess, now owned by Chevron, and China’s CNOOC.
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.
