Guyana’s oil output rose to 667,000 barrels per day in May from 611,000 bpd in April, fueled by increases at two of the three production facilities operated by U.S. major Exxon Mobil XOM, the government said in a bulletin seen by Reuters on Tuesday.

A consortium of Exxon, U.S. Hess HES and China’s CNOOC, which controls all oil and gas output in the South American country, is expected to expand production capacity beyond 900,000 bpd once a fourth floating facility begins operations later this year.

The group’s production set a monthly record in May, according to the data, driving accumulated output so far this year to an average of 634,000 bpd.

Guyana’s oil output last year was 616,000 bpd, which contributed to an economic growth of more than 40%. The government has said it expects to obtain $2.5 billion this year from its fast-growing energy sector.

A consortium led by U.S. oil major Exxon Mobil continues growing crude and gas production offshore Guyana, with output capacity expected to surpass 900,000 bpd later this year.

Guyana got $130 million last month from the sale of cargoes it is entitled to as profit oil, according to separate data from the central bank.

Guyana’s Vice President Bharrat Jagdeo said earlier this month the government deferred signing of any major energy agreements, including for oil blocks and natural gas, until after the country’s elections in September.
Source: Reuters