Guyana’s Oil Revenues Exceeds US$8B as Poverty Levels Remain Widespread

Guyana has earned more than US$8 billion in oil revenues since offshore production began in December 2019, according to official data from the Bank of Guyana, underscoring the scale of income generated from the country’s rapidly expanding petroleum sector.

Cumulative proceeds from oil sales and royalties surpassed US$8.25 billion in October, driven by increasing production from offshore projects operated by ExxonMobil and its partners in the Stabroek Block. In October alone, Guyana received US$228 million (approximately GY$48 billion) in oil revenues, the latest report on the Natural Resource Fund (NRF) shows.

That month’s inflows included about US$83 million (GY$17 billion) in royalties for crude produced and sold during the third quarter, along with roughly US$145 million (GY$30 billion) from the sale of government-entitled crude. Total oil revenues received for 2025 up to October amounted to US$1.69 billion (GY$351 billion), including payments for cargoes produced in late 2024 but received earlier this year.

Of the 33 oil cargoes projected to be allocated to the State in 2025, 22 have already been sold and paid for, generating US$1.54 billion (GY$321 billion). The government revised its original estimate of 31 cargoes to 33 in its mid-year economic report, citing the faster-than-anticipated start-up and production ramp-up of the Yellowtail project.

Royalties alone crossed the US$1 billion threshold in July following a payment of more than US$77 million for oil produced and sold in the second quarter of 2025. All production is sourced from the Stabroek Block, operated by ExxonMobil in partnership with Hess—recently acquired by Chevron—and China’s CNOOC.

Oil is currently produced from four offshore projects—Liza Phase One, Liza Phase Two, Payara and Yellowtail—giving Guyana an installed production capacity of more than 900,000 barrels per day by the fourth quarter of 2025. This has positioned the country as the world’s largest oil producer on a per-capita basis. The government has projected total oil revenues of approximately US$2.5 billion for 2025 alone. Withdrawals from the NRF stood at about US$5 billion at the end of November.

Despite these earnings, poverty remains deeply entrenched. The 2025 Inter-American Development Bank (IDB) report, Ten Findings about Poverty in Latin America and the Caribbean, states that 58 percent of Guyana’s population lives in poverty, with 32 percent classified as living in abject poverty. Based on an estimated population of 780,000, the figures translate to approximately 452,400 people living in poverty and about 249,000 trapped in extreme deprivation. Local analysts contend that the true numbers may be higher.

Economists and social commentators have warned that the disconnect between rising oil wealth and persistent poverty reflects structural exclusion from income, opportunity and decision-making. They argue that large segments of the population remain shut out of the benefits of oil revenues, with limited access to quality jobs, affordable housing, healthcare and education.

Economists and social commentators warn that continued exclusion from national wealth carries serious socio-economic and political risks. Persistently high poverty amid record oil earnings threatens to widen inequality, fuel social unrest and deepen public distrust in state institutions. Analysts caution that failure to translate petroleum revenues into tangible improvements in living standards could entrench generational poverty, strain public services and undermine social cohesion, placing growing pressure on governance and democratic stability.