Looking to deepen cooperation with the UK in the energy sector

Guyana reaped some US$493.1 million in earnings from its oil and gas industry during the third quarter of 2022.

The Bank of Guyana is reporting that the earnings for the period July to September included profit from oil of US$442.1 million and royalties amounting to US$51 million from the oil and gas industry, which is an improvement over last year. In its 2022 third-quarter report, Guyana’s Central Bank highlights that the increase in revenue was attributed to the additional Floating Production and Storage Offloading (FPSO) vessel, the Liza Unity, being in operation in the Liza Phase Two of the Stabroek Block.

Since oil production began in 2019, Guyana has recorded six lifts of profit oil, which have brought in US$1.2 billion in profit oil revenue and US$153.1 million in royalty payments. In the meantime, the Guyanese government has announced that some of the oil blocks to be auctioned this year will be set aside for government-to-government partnerships in the future.

Partnering with the UK

President Irfaan Ali said during a news conference last week that a new policy mix vis-à-vis Guyana’s oil and gas resources is being pursued, alluding to the United Kingdom being a potential partner that will benefit from this arrangement. Ali, flanked by the United Kingdom High Commissioner to Guyana, Jane Miller disclosed that the two countries are seeking to deepen cooperation in the energy sector.

“As you know, we have some blocks that we are going to auction off very soon… and we have some blocks that are set aside for government-to-government partnerships and we are looking at all of our strategic partners with these blocks,” Ali told the news conference.