So far, Guyana has earned more than 800 million United States dollars from oil revenues since the start of oil extraction in December 2019. But things are about to get better. Guyana is projected to break the 1 billion US dollars mark in oil revenues by the end of December, 2022. And barring the unforeseen, it’s uphill from there.
Rystad said that Guyana’s oil revenue is expected to reach 4.2 billion USD per year by 2025. This may dip slightly between 2026 and 2027 due to projected drops in oil prices, but annual revenues from oil is expected to surpass 7.5 billion USD by 2030. By 2036, Guyana’s oil revenues is estimated to hit 16 million US dollars per year.
Lisa Phase 1 development now has the capacity to produce 120,000 barrels of oil per day. Lisa Phase 2 development is expected to reach production capacity of 220,000 barrels per day by the end of 2022. Payara is expected to start pumping in 2023 with a production capacity of 220,000 barrels per day. Yellowtail is expected to start pumping oil in 2025 with a production of 250,000 barrels per day.
These estimates do not factor in undiscovered resources for which exploration is still ongoing. In fact, EXXON MOBIL is in the process of drilling over 60 more exploration wells offshore Guyana over the next 6 years, and said that the existing 11 billion barrels of proven oil reserves is expected to double by 2028.
