GEORGETOWN, Guyana, (CMC) — Guyana recorded a substantial increase in crude oil lifts last year from the Stabroek Block according to the country’s Natural Resources Minister, Vickram Bharrat.

He told reporters that 225 lifts of crude oil were recorded in 2024, up from the 142 lifts recorded the previous year, with each lift amounting to one million barrels of oil.

He said of the total lifts, 28 went to the Guyana government, 11 from the Liza Unity Floating Production, Storage, Offloading (FPSO) vessel, seven came from the Liza Destiny FPSO, and 10 from the Prosperity FPSO.

Bharrat said depending on the market price, this translates to a significant amount of revenue for the country to be used to fund critical development projects.

“(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,” Bharrat said, adding that in 2025, the amount of lifts is expected to increase significantly 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 and Bharrat maintained “there is no fixed price for a lift; It depends on the market price”.

He said that for the first time since the country began producing oil, Guyana is receiving a premium of over one US dollar 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 offtake our crude,” he said.

A “premium” refers to an additional amount of money paid above the standard market price for a particular type of oil or gas and this translates to higher revenue for the country and strengthens Guyana’s standing in the international oil market.

“I don’t think there are many countries in the world, especially small producers, that can actually attract a premium as Guyana,” he added.