According to the recently released 2023 Extractive Industries Transparency Initiative (EITI) report, Guyana’s extractive revenues totaled US$1.97 billion (approx. GY409.26 billion), with the oil and gas sector accounting for $1.879 billion (GY$391.05 billion) or 95.6%.
This represents an increase of 26.2% (approx. US$0.389B) when compared to 2022, which accounted for US$1.49 billion (GY$313.19 billion) or 94% of Guyana’s extractive revenues.
Oil accounted for 94% of extractives revenue in 2022 – EITI report | OilNOW
The breakdown of revenues from oil and gas showed royalties amounted to US$218.5 million (GY$45.47 billion).
Government earnings from the petroleum sector were largely channelled through the Ministry of Finance and the Guyana Revenue Authority (GRA).
The Ministry reported US$1.39 billion (approx. GY$289.84 billion) in government profit oil during the year, representing proceeds from the sale of the State’s share of crude oil and deposited into the Natural Resource Fund.
The GRA, on the other hand, recorded US$260.8 million (approx. GY$54.28 billion) in oil and gas related revenues, reflecting taxes, fees, and other petroleum related payments.
Mining activities, which include gold, bauxite, and other minerals, generated US$78.8 million ( approx. GY$16.39 billion), with gold accounting for the largest share of revenues within the sector.
Forestry saw total inflows of US$5.67 million (GY $1.18 billion), while fisheries saw some US$3.08 million (GY$0.64 billion).
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.
Guyana Oil & Gas: What to look forward to in 2026 | OilNOW
All of Guyana’s oil production currently comes from the ExxonMobil-operated Stabroek Block, where output capacity now exceeds 900,000 barrels per day.
