Latest update December 22nd, 2024 4:10 AM
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Liza Unity alone was 37% of Guyana’s import bill last year
Kaieteur News – Guyana, on its financial books last year, has its total import payments growing over the previous year by 90.8 percent which translates to US$4.8 B, according to Minister with responsibility for Finance, Dr. Ashni Singh.
The Liza Unity FPSO
Notably however, this was primarily attributed to the arrival of Guyana’s second Floating Production Storage Offloading (FPSO), Liza Unity, which accounted for US$1.7B or 38.6 percent of total imports for 2021.
As it relates to the export end, Dr. Singh reported that at the end of 2021, total export earnings amounted to US$4,352 million, 68 percent higher than the US$2,590 million earned in 2020. Again, this “was mainly driven by oil exports growing by 179.6 percent” to some US$3B.
Non-oil export earnings for last year, according to Dr. Singh, amounted to just about US$1.4B.
Updating the House on the operations in the Stabroek Block regarding the FPSOs, Dr. Singh noted that ongoing exploration activities have continued to yield positive results, with 28 commercially viable oil discoveries to date in the Stabroek Block and an estimated recoverable resource of over 10 billion oil-equivalent barrels, a mere six years after first discovery.”
The Stabroek Block, he said, currently has three identified production areas Liza 1, Liza 2, and Payara.
Production capacity is currently 120,000 bpd with the Liza Destiny FPSO in operation.
The coming into operation of the Liza Unity FPSO early in 2022, he said, will raise capacity to 340,000 bpd, and the deployment of the Liza Prosperity FPSO in 2024 will further raise capacity to 560,000 bpd.
According to Dr. Singh, with the anticipated fourth production area, Yellowtail, estimates are poised to reach 810,000 bpd by 2026/27 and additional developments under consideration could see us reaching six FPSOs producing one million bpd by 2030.
He told the House that as it relates to this year, real Gross Domestic Product is projected to grow by 47.5 percent, a rate of growth which no other country in the world is currently projected to achieve in 2022.
This, he said, reflects the coming into operation of the second FPSO vessel, the Liza Unity, which will significantly ramp up oil production.
The non-oil economy is expected to register growth, currently projected at 7.7 percent this year, driven mainly by rebounds in rice growing and gold mining, and continued expansion in construction activity and wholesale and retail trade and repairs.
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