Guyana’s oil revenues experienced minimal growth in the first half of 2025, primarily due to a downturn in global oil prices. However, the nation anticipates a boost in its oil sector later this year with the commencement of production at the Yellowtail field in the Stabroek Block, facilitated by a floating production storage and offloading (FPSO) vessel. This update was detailed in the mid-year economic report presented to the National Assembly by Finance Minister Dr. Ashni Singh on Monday. The report forecasts that crude oil prices will average $68 per barrel in 2025, marking a 15.7% decrease from the 2024 average of $71.9 per barrel. Despite this, the oil sector is expected to grow by 15.6% due to earlier-than-expected production at Yellowtail, increasing the number of profit oil lifts from 31 to 33. Consequently, Guyana’s petroleum deposits for the year are projected to reach $2,512.4 million, slightly above the $2,503 million estimated during the 2025 National Budget preparation. The report also highlights that the Natural Resources Fund (NRF) is expected to see a withdrawal of $2,463.9 million this year, leaving a closing balance of $3,248.8 million by year-end. Additionally, the oil and gas industry expanded by 5.5% in the first half of 2025, with production totaling 115.7 million barrels, up from 113.5 million barrels in the same period last year. Daily production averaged nearly 640,000 barrels per day (bpd) in the first half of this year, compared to approximately 624,000 bpd in the first half of 2024. The moderation in production on the Destiny FPSO was offset by increased output from the Unity and Prosperity FPSOs.