Guyana’s oil exports surpass US$15B in first half of 2026

Guyana’s petroleum sector continued to generate significant economic returns in the first half of 2026, with crude oil exports surpassing US$15 billion and projected petroleum revenues for the full year rising to nearly US$6.5 billion.

According to the 2026 Mid-Year Report, export earnings grew by 76.4 per cent to US$16.2 billion during the first six months, largely driven by an 82.1 per cent increase in crude oil earnings to US$15.05 billion.

The increase reflected both higher production and stronger international oil prices, with export volumes expanding by 40 per cent while crude oil prices rose by 28.9 per cent during the period.

Guyana produced 163.3 million barrels of crude oil during the first half of 2026, compared with 115.7 million barrels during the corresponding period last year. Average daily production rose from approximately 639,000 barrels per day to about 902,000 barrels per day.

The growth came as four FPSOs operated simultaneously in the Stabroek Block for the first full six-month period, following the start-up of the One Guyana FPSO in August 2025.

The government is now expecting an even stronger revenue performance for the full year.

The report projects petroleum deposits of US$6.4976 billion for 2026, representing a 136.8 percent increase over the amount projected when Budget 2026 was prepared.

Of that amount, the government is projected to earn US$5.9725 billion from the sale of Guyana’s share of profit oil, alongside US$508.1 million in royalties.

The upward revision is attributed to higher crude oil prices, an increase in the projected number of profit-oil lifts, and the continued increased production from the One Guyana FPSO.

The government had initially anticipated 309 profit-oil lifts from the Stabroek Block, with 40 going to the government. The latest projections point to 326 total profit-oil lifts, with the government expected to receive 84, following cost-bank desaturation and increased production from One Guyana.

The fifth FPSO, Errea Wittu, is also expected to produce first oil in the final quarter of 2026, while production from One Guyana is projected to continue ramping up.

Against this backdrop, the oil and gas sector is now projected to grow by 24.2 percent for the year.

The increased petroleum earnings are also expected to translate into greater resources available through the Natural Resource Fund (NRF). The government is projected to withdraw US$2.3743 billion from the Fund in 2026 in accordance with the NRF Act.

At the end of June, the NRF held a cumulative balance of US$4.2942 billion, inclusive of US$66.9 million in interest income, after withdrawals of US$1.02 billion during the first half of the year.

The expanding petroleum sector has added to Guyana’s economic performance. Real GDP expanded by an estimated 33.3 percent during the first half of 2026, while the non-oil economy grew by 10.1 percent, driven principally by construction, services, and mining.

The report projects overall economic growth of 20.8 per cent for 2026, with the non-oil economy expected to grow by 10.2 per cent.

Beyond petroleum, non-oil exports also grew during the period, increasing by 24.6 percent to US$1.146 billion. Gold exports accounted for a significant portion of that increase, rising by US$269.8 million to US$826.2 million.

The latest figures therefore point to continued expansion in Guyana’s petroleum economy, while also highlighting the increasing scale of resources being generated for national development through the country’s natural-resource wealth. (DPI)