By 2028, Guyana’s oil revenues will reach at least GY$2.3 Trillion (US$11B) in royalties and profit oil from at least six floating, production, storage and offloading (FPSO) vessels in the Stabroek Block. This projection was outlined in the latest report by the International Monetary Fund (IMF) on Guyana’s economic wellbeing.
The December 2023 report states that the projected amount constitutes 36.5% of the country’s Gross Domestic Product (GDP).
Furthermore, the IMF said fiscal projections for oil revenues are based on projections of oil export earnings and guided by the 2021 Natural Resource Fund (NRF) Act stipulations.
Guyana’s NRF Act outlines the fund’s objectives, governance structure, and investment framework, aiming to ensure transparent and accountable management of the resource wealth for the benefit of future generations.
IMF said that the country’s governance framework was strengthened through the appointment of three critical entities for the NRF governance in 2022. These include the NRF Board of Directors, the Public Accountability and Oversight Committee, and the Investment Committee. The law also mandates that the Finance Ministry publishes notifications of receipts of petroleum revenues in the Official Gazette.
Notably, the government on November 23, made its seventh withdrawal from the NRF in the sum of US$100 million, bringing the total withdrawals for the year to US$850 million.
Looking ahead, the IMF said Guyana’s oil reserves per capita are one of the highest in the world, adding that oil production will continue to expand rapidly as four new fields will come on stream by end of 2028.
