GEORGETOWN, Guyana, CMC—Guyana recorded a substantial increase in crude oil lifts last year from the Stabroek Block, Natural Resources Minister Vickram Bharrat said.
He told reporters that 225 lifts of crude oil were recorded in 2024, up from the 142 lifts recorded the previous year, with each lift amounting to one million barrels of oil.
He said that of the total lifts, 28 went to the Guyana government, 11 to the Liza Unity Floating Production, Storage, Offloading (FPSO) vessel, seven to the Liza Destiny FPSO, and 10 to the Prosperity FPSO.
Bharrat said that depending on the market price, this translates to a significant amount of revenue for the country, which can be used to fund critical development projects.
“(This is) mainly because of the third project coming into production, and the full optimization of the FPSOs in 2024 compared to when it started in 2023,” Bharrat said, adding that in 2025, the amount of lifts is expected to increase significantly once the One Guyana FPSO becomes operational.
Regarding the revenue earned from the lifts, the government is verifying these details, and Bharrat maintained, “There is no fixed price for a lift; it depends on the market price.”
He said that for the first time since the country began producing oil, Guyana has received a premium of over one US dollar from the crude the Liza Destiny FPSO markets.
“When we started in 2020, we were paying Shell to market our crude…now we have two companies paying us a premium to take our crude off,” he said.
A “premium” refers to an additional amount paid above the standard market price for a particular type of oil or gas. This translates to higher revenue for the country and strengthens Guyana’s standing in the international oil market.
He added, “I don’t think many countries in the world, especially small producers, can attract a premium like Guyana. “
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