News wire — Oil production in Guyana declined to an average 611,000 barrels per day in April from 627,000 bpd the previous month, according to a bulletin released by the government on Friday.
All oil and gas output in the South American nation is controlled by a consortium of U.S. companies Exxon Mobil and Hess and China’s CNOOC.
Production capacity is expected to surpass 900,000 bpd later this year once a fourth output facility that arrived in the country in February is installed and connected.
While average output in April fell, production at the consortium’s Liza 2 and Payara projects increased at the end of the month beyond their typical range, the data showed, a signal the Exxon-led group is tapping into those projects’ optimized potential after upgrades completed last year.
Average production between January and April averaged 626,000 bpd, versus 616,000 bpd in the same period last year.
Guyana received $296.2 million in revenue from the energy sector, which was deposited into its oil fund last month, according to central bank figures, increasing total revenue transferred to the fund so far this year to $901.6 million.
- Reuters
