The Guyana government projects crude oil will account for 89% of its exports in 2025, as oil continues to grow at a faster pace than other export-focused sectors. It represented 68% of exports in 2021 and has subsequently held a larger share of exports each year.
The extraction, as well as sale of the resource, is expected to generate US$17.61 billion (GY$3.67 trillion) in export value. Second place is gold, at US$1.13 billion, with rice third at US$325 million. Other exports, mainly bauxite, sugar and timber, account for the remainder of less than 4%.
Oil exports in 2025 are expected to decline in value from US$17.99 billion (GY$3.75 trillion), despite an increase in production. Guyana’s share of crude sold at an average of US$79.40 per barrel in 2024. This year, the government projects an average price of US$71.90 per barrel.
Notices from the Maritime Administration Department, as of January 29, indicate that 19 crude cargoes have already been taken off from the extraction sites since the month began. This indicates that stable high volumes exceeding 600,000 barrels per day (b/d) from late 2024 will continue into the new year.
Crude oil production for the year is projected to average 674,000 b/d. Lifts of about a million barrels each will be divided between the Guyana government and the Stabroek Block group of ExxonMobil, Hess, and CNOOC.
The Yellowtail project will start production, adding 250,000 barrels per day (b/d) to capacity late in the year. With this addition, production is expected to be the highest in the fourth quarter.
ExxonMobil also awaits regulatory approval to boost production at the Liza 2 project from 250,000 b/d to 270,000 b/d.
