Minister of Natural Resources, Vickram Bharrat, disclosed on Tuesday that 225 lifts of crude oil from the Stabroek Block were recorded in 2024, marking a substantial increase from the 142 lifts recorded in 2023. This information was reported via the government’s Department of Information (DPI). It was noted also that each lift of crude amounts to one million barrels of oil.
Minister Bharrat said that of the total lifts, 28 went to the government of Guyana – eleven from the Liza Unity Floating Production, Storage, Offloading (FPSO) vessel; seven came from the Liza Destiny FPSO, and ten from the Prosperity FPSO. Depending on the market price, this translates to millions of dollars that would be used to fund critical development projects locally.
“[This is] mainly because of the third project coming into production, and the full optimisation of the FPSOs in 2024 compared to when it started out in 2023,” Minister Bharrat pointed out. He said that in2025 the amount of lifts will skyrocket once the One Guyana FPSO becomes operational. In relation to the revenue earned from the lifts, it was explained that the government is verifying these details.
The minister clarified that “there is no fixed price for a lift; it depends on the market price.” It was highlighted that for the first time since the country began producing oil, Guyana is receiving a premium of over US$1 from the crude marketed from the Liza Destiny FPSO. “When we started out in 2020, we were paying Shell to market our crude…now we have two companies that are paying us a premium to off take our crude.”
The information department said that a “premium” refers to an additional amount of money 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.
The natural resources minister added, “I don’t think there are many countries in the world, especially small producers that can actually attract a premium as Guyana.”
