Guyana’s Extractive Industries Transparency Initiative (EITI) report for the fiscal year 2022 noted that the counytry’s extractive revenues totaled US$1.58 billion (approx. GY$331.52 billion). The oil and gas sector contributed the majority, accounting for $1.49 billion (GY$313.19 billion) or 94%.
The breakdown of revenues from oil and gas showed oil sales contributed US$1.4 billion (GY$312,127.54 billion). Profit oil accounted for US$1.181 billion (GY$248.692 billion) while Royalties amounted to US$153.72 million (GY$32.35 billion) and corporate taxes added US$161.22 million (GY$33.929 billion). The Stabroek Block production sharing agreement (PSA) sees the government paying the companies’ corporate taxes out of its share of profit oil.
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Mining, which includes gold, bauxite, and other minerals, brought in US$1.89 million (GY$16.82 billion). Gold contributed the largest portion in this category, followed by bauxite and other minerals such as sand and stone.
Forestry saw total inflows of US$6.5 million (GY $1.4 billion), while fisheries saw some US$776,051 (GY$163.32 million).
According to the EITI report, the oil and gas sector’s share reflects its rapid development and growing role in the national economy. This growth was attributed to increased production from offshore oil fields. Liza 1 produced all year, and Liza 2 started production in February.
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In contrast, mining revenues accounted for 5.5% of the total, with gold making up 85% of revenues within the mining sector. However, the report noted a relative decline in the contribution of gold revenues compared to previous years.
“These sectors continue to play a role but are overshadowed by the scale of oil and gas earnings,” the report stated.
The increase in oil-related income was described as an opportunity for development but also pointed to potential challenges such as economic dependence on the oil sector and exposure to price fluctuations in global oil markets.
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The report also identified the Natural Resource Fund (NRF) as an essential mechanism for managing oil revenues, emphasizing the importance of transparency and accountability in its operation. “Ensuring that these revenues are invested in a way that benefits the country in the long term is critical,” the report noted.
Progress in revenue reporting and public awareness was also acknowledged while recommending further improvements, such as more detailed disclosures about the allocation and use of revenues. “There is a need for clear policies on the sustainable use of extractive revenues to reduce economic risks and support diversification,” the report stated.
