Guyana's Oil Output Slips Despite Revenue Surge
Oil production in Guyana averaged 611,000 barrels per day in April, down from 627,000 in March. However, output from Exxon Mobil and Hess's projects rose, showing optimized potential. Guyana earned $296.2 million in oil revenue last month, boosting the annual total to $901.6 million.
In April, Guyana's oil production averaged 611,000 barrels per day, a decrease from March's 627,000 bpd, as per the government's recent report. The country's oil sector remains under the control of major players, Exxon Mobil, Hess, and China's CNOOC.
Despite the drop in average output, the consortium's Liza 2 and Payara projects saw a rise in production levels by the end of the month, indicating the optimized potential following upgrades completed last year. This development comes as production capacity is projected to exceed 900,000 bpd later this year with the installation of a fourth facility.
Guyana's energy sector continues to be lucrative, with $296.2 million deposited into its oil fund last month, increasing the total revenue transferred this year to $901.6 million, according to central bank data.
(With inputs from agencies.)
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