Guyana’s marketers secured deals totaling US$1.929 billion in revenue for the sale of approximately 24 million barrels of crude in the first 11 months of 2024.
The crude—taken from Liza 1, Liza 2 and Payara—sold at an average of US$80 per barrel. These 24 million barrels represent Guyana’s share based on the Stabroek Block production sharing agreement (PSA). The companies take out 75% of crude produced annually, and the rest is split 50-50 between them and the State.
The Bank of Guyana released the November report of the Natural Resource Fund (NRF) last week. It indicated US$225 million in receipts, representing payments for the sale of three lifts of crude, taking the total to 24.
Government projected it will receive nearly US$2.3 billion in oil sales revenue from 27 lifts of crude produced this year. While the government could receive as many lifts as it projected, its actual revenue is expected to underperform due to lower prices. However, the year total is bolstered by US$137 million in revenue received in January of this year, for crude sold in December last year. When considering those two lifts, total sales receipts up to November amount to approximately US$2.066 billion,
Government also expected US$353.8 million in royalties this year but received US$348 million.
No withdrawals from the Natural Resource Fund were reported in November. So far, the government has withdrawn US$1.15 billion in 2024. It is expected to withdraw US$436 million more by year-end, representing the rest of the amount approved by Parliament to support Guyana’s 2024 national budget.
Revenue from oil sales and royalties are derived from crude oil production at the Stabroek Block. 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.
