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Guyana projected to earn over US$950M from oil sector in 2022

Jan 27, 2022 News

Kaieteur News – With two oil ships on schedule to be working simultaneously this year in the Stabroek Block, Guyana’s oil sector is expected to rake in over US$950M for 2022. This is outlined in the 2022 budget that was presented yesterday by Finance Minister, Dr. Ashni Singh in the National Assembly.
The economist who spoke for over five hours, said it is anticipated that there will be 94 lifts from the Stabroek Block, 13 of which will be Government lifts. From this, it is estimated that deposits into the Natural Resource Fund for 2022 will total US$957.6 million, comprising some US$857.1 million earned from the Government lifts of profit oil, and an additional US$100.5 million from royalties
Continuing in the oil and gas subsector, Dr. Singh said production is expected from both Liza Destiny and Unity oil ships, and the rate of production for 2022 is expected to be approximately 257,000 bpd on average. As such, the subsector is projected to grow by 96.7 percent in 2022.
Additionally, the Finance Minister said a turnaround is anticipated for the gold mining subsector, which is projected to grow by 12.2 percent in 2022 on account of higher expected declarations from one large operator, and the small and medium scale miners.

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