Guyana earned US$778M from oil in August

(Kaieteur News) – Guyana has finally begun receiving an increased share of profits from the Stabroek Block as ExxonMobil has recovered its investments in the country. And according to a Bank of Guyana report the profits that flowed into the Natural Resource Fund (NRF) for August is pegged at US$778M using an exchange rate of $208 for one USD.

The revenue for August included profit oil and a signing bonus payment. Further details on the amount of oil sold and information on the company that paid the signing bonus were not made available in that report but is likely to be published in the Bank’s quarterly NRF report. That document is not yet available.

Guyana is positioned to earn massive revenues from the ongoing oil and gas production in the Stabroek Block as the American oil major has recovered its investments in the seven projects approved by the GoG. Currently, four projects are producing about 900,000 barrels of oil per day (bpd). The company is progressing development activities to bring the additional projects on stream by 2029. Guyana’s production will surpass one million barrels per day before the end of 2026 as the fifth project, Uaru will add approximately 250,000 barrels. The Floating Production Storage and Offloading vessel (FPSO) for that project has already arrived in Guyana.