Guyana Recorded 225 Oil Lifts In 2024

• A total of 225 oil lifts from the Stabroek Block were recorded in 2024, with 28 of these going to the government of Guyana.
• Minister of Natural Resources Vickram Bharrat disclosed that seven lifts came from the Liza Destiny floating production storage and offloading (FPSO), 11 from the Unity FPSO, and 10 from the Prosperity FPSO. Each lift consists of one million barrels of oil. The total sum earned for the oil lifts was not provided as the process involves sale and verification and the government is now finalising the verification.
• “There is no fixed price for a lift, it depends on the market price,” Minister Bharrat explained. And now, for the first time, since Guyana began producing crude oil, the country is receiving a premium of over US$1 per barrel for crude marketed from the Destiny FPSO, earning additional revenue.
• A premium payment is an amount paid above the standard market price for crude oil. Guyana’s ability to attract a premium reflects the quality of its crude, as well as its improved position in the global oil market.
• Meanwhile, Guyana’s earnings from the sale of oil in the first half of 2024 totaled US$1,220.6Mn. This figure was for the period January to June 2024, according to the Ministry of Finance Mid-Year Report in 2024. During this period, the government had fifteen lifts of profit oil from the three producing FPSOs.
• The government also received US$162.4Mn in royalties related to production and sales from the final quarter of 2023 and the first quarter of 2024. The report further stated that at the beginning of 2024, the government had anticipated 25 lifts of oil and expected to earn US$2,292.1Mn from the sale of oil and US$353.8Mn in royalties. Additionally, the Natural Resource Fund (NRF) closing balance was also estimated to stand at approximately US$3,154.9Mn at the end of 2024.

(Source: Guyana Newsroom)