By Kemol King
US$2.46 billion in revenue earned from Guyana’s fast-growing oil sector will fund 37% of Guyana’s 2025 national budget. The plan to fuel the country’s development in 2025 was announced on Friday, by the Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni.
Set at a monumental US$6.628 billion (GY$1.382 trillion), the budget reflects a 21% increase from the 2023 budget of US$5.496 billion (GY$1.146 trillion). The increase is fueled by massive growth in health, education, and housing, as well as another substantial appropriation to build and rehabilitate roads and bridges across the country.
In 2024, the Natural Resource Fund (NRF), which receives government revenues from oil, recorded receipts of US$2.57 billion (GY$536.1 billion). In that year, the US$1.586 billion (GY$240.6 billion) withdrawal contributed 29% to the budget.
Growth in public spending is increasing every year by massive proportions, on account of more oil revenue being available to the government. Oil contributed 23% of the budget in 2022, the first year Guyana spent from its oil fund. In 2025, this has increased by 14 percentage points.
These increasing sums are due to oil extraction at the prolific Stabroek Block, where crude oil production is over 600,000 barrels per day (b/d). This year, a fourth project is expected to begin production, moving from a capacity of 660,000 b/d to 900,000 b/d by the end of the year.
ExxonMobil operates the Stabroek Block with a 45% stake, while Hess has 30% and CNOOC has 25%.
