Guyana's Oil Production Declines Amid Reduced Cost Recovery Needs

Guyana's oil production declined in May and June, according to government data. The country produced an average of 869,000 barrels per day (b/d) in June, down from 895,000 b/d in May and 902,000 b/d in April.

The decline was mostly at the Liza field, which saw production fall from 122,000 b/d in April to 101,000 b/d in June. The Payara and Yellowtail fields were more stable, producing between 257,000 b/d and 264,000 b/d during the three-month period.

The decline comes as Guyana is receiving a larger share of oil production due to reduced cost recovery needs. ExxonMobil has recovered about US$55 billion in investments and operating expenses, which is expected to increase Guyana's profit oil share.