Govt. still silent on full 50% profits in Exxon deal... Guyana raked in US$1.2B from oil in 2nd quarter

Govt. still silent on full 50% profits in Exxon deal… Guyana raked in US$1.2B from oil in 2nd quarter

Jul 14, 2026 News

(Kaieteur News) – The Natural Resource Fund (NRF), Guyana’s oil account, grew by US$1.2B in the second quarter of 2026.

Receipts for the fund published by the Government of Guyana (GoG) in accordance with the NRF Act of 2021 reveal that 12 payments were made during the period April 1, 2026 to June 30, 2026. One royalty payment amounting to US$107.493 million was made, relative to the first quarter of the year. Royalty payments are made at the end of each fiscal quarter as stipulated in the 2016 Production Agreement (PSA).

Additionally, 11 profit oil payments were received in the second quarter totaling US$1,127,736,056.

Consequently, Guyana’s total profit and royalty earnings for the second quarter of 2026 reached US$1,235,229,090.

During the first three months of 2026, the NRF recorded deposits of US$761. Kaieteur News reported that between December 30, 2025 and March 31, 2026 10 profit oil payments were made and one royalty addition.

This means that Guyana has so far earned about US$1.9 billion for the year from the petroleum sector.

Earlier this year, Finance Minister, Dr. Ashni Singh indicated in his budget speech that Guyana is projected to earn approximately US$2.8 billion from the sector with US$2.4 billion in profits and another US$375.3 million in royalties. It also expects a US$17 million signing bonus to be deposited for the new PSA signed for exploration activities in Block S7.

This year, government plans to utilise about US$2.4 billion from the NRF to support its national development priorities in the budget.

Currently, Guyana has four Floating Production Storage and Offloading vessels (FPSOs) producing oil in the Stabroek Block. The vessels are producing a combined total of about 916,000 barrels of oil per day (bpd) according to the contractor and operator of the block, ExxonMobil Guyana Limited (EMGL).

The contractor is allowed to take up to 75% of production for its expenses while the remaining 25% is split with Guyana. Each side pockets 12.5% of profit; Guyana also receives 2% of petroleum as royalty.

Larger share

Last month, it was reported that Guyana paid off ExxonMobil the full cost of seven oil projects approved to date by GoG, yet, the country is still to begin receiving its full 50% profit outlined in the PSA.

During a June 9 press engagement, Exxon’s Vice President and Business Services Manager, John Colling said that US$4.5 billion was sitting in the cost bank to be repaid by Guyana up to the end of 2025.

“Through the end of 2025, there was over US$55 billion in the cost bank of which US$51 billion had been recovered. As I mentioned in my prior talking points, US$4.5 billion was yet to be recovered by ExxonMobil Guyana Limited and its co-venturers,” Colling explained.

Using an average oil price of US$80 per barrel, considering daily production for the year so far at approximately 900,000 barrels per day (bpd), the Stabroek Block generated approximately US$12.3 billion in revenue up to June 20, 2026.

According to the oil deal, 75% of revenue is dedicated to cost, as such, it could be estimated that US$9.2 billion went towards cost, far more than the US$4.5 billion that needed to be recovered according to Exxon.

This means that Guyana should already be receiving its full 50% profits outlined in the PSA as the cost of all seven oil projects sanctioned by the GoG has been repaid. Be that as it may, the government has been silent on the recovery of costs by the company and Guyana’s entitlement to a larger share of the revenue.

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Guyana Oil, Natural Resource Fund, oil money

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