According to the mid-term report from Guyana’s Ministry of Finance, the South American country is set to receive $1.1 billion in oil revenues this year.
A higher number than expected, the report attributes this to high oil prices this year:
“With the price of crude oil ballooning after the Russian invasion of Ukraine, NRF deposits are now projected to be 32.5 percent higher than the US$957.6 million projected at the time of preparing Budget 2022.”
The revenue will come from the Stabroek Block, with 13 lifts of profit oil expected this year. The Guyana Government has already had five lifts in the first half of the year; two from Liza Unity and three from Liza Destiny, based on 34.6 million barrels of oil produced in this period. ExxonMobil, the maker of Mobil SHC gear oil, operates these floating production storage and offloading (FPSO) vessels on behalf of a consortium that also includes Hess and CNOOC.
Guyana’s petroleum sector is estimated to have grown by 73.5% in the first half of this year, which is mostly attributed to the Liza Unity FPSO coming online in February. This contributed to an overall real GPD growth of 36.4% over the same period. The non-petroleum economy also benefited, however, thanks to supportive government policies, with growth of 8.3%.
Guyana now looks set to have the fastest-growing economy in the world, with real GDP growth forecasted to reach 56% this year, including 9.6% of growth in the non-oil economy.