2023 saw Guyana’s total oil output at 142.9 million barrels – Finance Minister

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Guyana produced 142.9 million barrels of oil from the ExxonMobil-operated Stabroek Block in 2023, reported its Finance Minister, Dr. Ashni Singh. This tops 101.3 million barrels produced in 2022.

Singh, presenting the third oil fund-backed national budget shared that Guyana’s oil sector grew 45.9% in 2023, owing to the start-up of its third offshore development, Payara. 

The Finance Minister reported that Guyana had 142 lifts of oil for the year. The government received 17; six from the Liza Destiny floating production, storage and offloading vessel (FPSO) and 11 from the Liza Unity. The other lifts went to an Exxon-led consortium, as expense repayments and profits.

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The Finance Minister shared that Guyana’s Natural Resource Fund (NRF) received a total of US$1.4 billion in profit oil last year. From this, US$576.6 million was from the Liza Destiny and US$822.3 million from the Liza Unity. 

Guyana also received US$218.1 million in royalties in 2023. 

In total, the NRF received US$1.617 billion in 2023.

The NRF closed 2023 with US$1.97 billion (approximately GY$411.47 billion), a Bank of Guyana report published on Jan. 15 outlined. 

It stated that the Fund received payment for one lift of profit oil in December, amounting to US$85.4 million (approximately GY$17.8 billion), and allowed the final outflow of support to the 2023 national budget.

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