The Guyana government anticipates that the proceeds from the export of crude oil this year would amount to $11.3 billion in 2023, a 14% increase over 2022. This income is anticipated to come from oil production in the Liza field, the Payara well, and the ExxonMobil-controlled Stabroek block (scheduled to begin producing at the end of the year). The Stabroek block produced more over 376,000 barrels per day from January to May, and at this rate, it will likely produce more than 135 million barrels for the entire year. In the past year, Guyana exported 101 million barrels, or around 297,000 barrels per day.
Based on the fiscal terms of the Stabroek Block Production Sharing Agreement (PSA), ExxonMobil and its partners would recover approximately $8.5 billion in spending, up from $7.4 billion in 2022. Guyana is expected to recover approximately $1.4 billion of income received from the sale of 17 tranches. To date, the Natural Resource Fund has received payments for seven installments. Guyana also received approximately USD $110.8 million in royalties, out of approximately USD 225 million expected this year.
When Payara comes in, production will benefit from a significant increase to 600,000 barrels per day in 2024, from 375,000 barrels per day this year. So revenues will also increase. New projects will also start in 2025 and 2026, continuing the upward trend in oil production to 1.3 million barrels per day. ExxonMobil has a 45% operating interest in the Stabroek block, while Hess (30%) and CNOOC (25%) are its partners.