Guyana’s Natural Resource Fund (NRF) received US$230 million (GY$48 billion) in deposits in January. These included payments for two lifts of crude oil sold in December and royalties for crude oil produced and sold in the fourth quarter of 2024.
The two December lifts, approximately a million barrels each, were sold for US$73.4 million (GY$15.3 billion) and US$72.4 million (GY$15.1 billion). They are the last two of 28 lifts allocated to Guyana from Stabroek Block production in 2024. The prices per barrel of those lifts fell in a range of US$71–90.
The payment of royalties for the fourth quarter of 2024 was approximately US$84.2 million (GY$17.5 billion). ExxonMobil, Hess and CNOOC pay Guyana a royalty of 2% of the value of all crude produced and sold. Production in the fourth quarter was approximately 59.95 million barrels, according to government data. Despite production being highest in the fourth quarter, the royalties received were the lowest for the year, due to lower prices.
The deposits into Guyana’s NRF in January were the final government receipts relating to crude oil produced offshore Guyana in 2024. The Fund closed January with US$3.34 billion (GY$696.7 billion).
No withdrawals were made in January, but the Parliament has approved US$2.463 billion (GY$513.7 billion) in withdrawals to support the Guyana government’s budget. These funds are expected to be taken out in multiple tranches throughout the year. The administration has projected it will receive approximately US$2.502 billion (GY$521.9 billion) in revenue from oil sales and royalties related to 2025 production.
All revenues are derived from crude oil production at the ExxonMobil-operated Stabroek Block, where recent data shows output exceeding 650,000 barrels per day (b/d).
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.
