There were 225 lifts of crude oil from Guyana’s Floating Production and Storage and Offloading (FPSO) vessels in the Stabroek Block in 2024, with 28 of those lifts going to the Government of Guyana.

Each lift entails one million barrels of oil. 

Minister of Natural Resources, Vickram Bharrat made the disclosure during a press conference today. 

In 2023, there were 142 lifts of crude oil. In early 2024, the Ministry of Natural Resources had set a target of 205 lifts.

 Minister Bharrat attributed the increase in production in 2024 to the full utilization of the third FPSO vessel – Prosperity – in the Stabroek Block.

“We have seen increases in almost every commodity in almost all the sectors, and that is a significant increase from 2023 again, mainly because of the third project coming into production, and the full optimization of the FPSOs in 2024 compared to when it started out in 2023,” the Natural Resources Minister said. 

Of those 28 lifts that went to Guyana, seven were from the Liza Destiny FPSO, 11 were from the Liza Unity FPSO, and 10 of the lifts were from the Prosperity FPSO. 

The Natural Resources Minister projects that there will be an even greater increase in production in 2025, when the One Guyana FPSO comes into operation later in the year. 

“We should have some amount of production from the One Guyana FPSO in 2025. As to how much, or how early, at this point in time, I am not able to give you that because it is still depends on how fast it can get here, and how fast Exxon can actually set up that FPSO,” Minister Bharrat explained. 

Meanwhile, the Permanent Secretary of the Ministry of Natural Resources, Joslyn McKenzie said that the Government is still verifying the revenues and royalties generated from the lifts in 2024. 

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