May 21 (oilnow.gy) Guyana’s Natural Resource Fund (NRF) surpassed the US$4 billion mark for the first time at the end of April 2026, supported by high crude prices and stable offshore crude production.
According to the April report for the NRF, the fund closed the month with a balance of approximately US$4.1 billion (GY$856 billion).
During April alone, Guyana received approximately US$450.8 million (GY$94 billion) in oil revenues, consisting of US$107.5 million (GY$22.4 billion) in royalties and US$343.3 million (GY$71.6 billion) from the sale of the government’s share of profit oil.
The April deposits pushed total inflows to the fund for the first four months of 2026 to approximately US$1.28 billion (GY$214.4 billion).
Of that amount, royalties accounted for US$218.4 million (GY$45.5 billion), while proceeds from oil sales contributed US$810 million (GY$168.9 billion).
The royalty payments reflect Guyana’s 2% royalty on all crude oil produced and sold under the Stabroek Block Production Sharing Agreement (PSA). The oil sales revenues represent proceeds from cargoes marketed on behalf of the government from its share of profit oil.
Guyana’s earnings have strengthened amid a sharp rise in global oil prices linked to escalating tensions involving Iran, the United States and Israel in the Middle East. Concerns about disruptions at the Strait of Hormuz — a critical route for roughly one-fifth of globally traded crude supplies — have pushed prices for Guyana’s crude grades above US$100 per barrel during the period.
The higher price environment could significantly improve Guyana’s oil revenues this year beyond earlier projections.
The government had projected approximately US$2.79 billion in revenues for 2026 from oil sales and royalties, based partly on an estimated 309 oil lifts during the year, up from 206 cargoes in 2025. Each shipment averages roughly one million barrels.
However, stronger crude prices could increase the value of Guyana’s cargoes substantially as they are sold into a tighter global market.
At the same time, higher prices could allow ExxonMobil and its Stabroek Block partners to recover historical costs more rapidly. Under the PSA, faster cost recovery can result in Guyana receiving a higher share of the proceeds of oil production sooner than expected.
Production growth also continues to underpin the expansion of the NRF.
ExxonMobil averaged about 716,000 barrels per day (b/d) of oil production offshore Guyana during 2025 before expanding capacity to more than 900,000 b/d later in the year as the Yellowtail development stabilized.
Government-reported production for January, February and March 2026 has exceeded 900,000 b/d each month, placing Guyana on track to average above that level this year.
Further growth is expected when the Uaru project begins production later this year, eventually pushing national output above one million b/d once the project reaches full capacity.
Four floating production vessels are currently operating in the Stabroek Block: Liza Destiny, Liza Unity, Prosperity and ONE GUYANA.
Brazil Energy Insight 
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