Afreximbank plans a $1B oil financing facility in Guyana to boost local and African participation. Funds will be deployed to corporate clients or via local banks.
Firms from Egypt, Ghana, and South Africa are set to support Guyana’s oil sector.Afreximbank President Benedict Oramah announced a $1B oil financing plan at the Guyana Energy Conference. He estimated Guyana’s oil service sector at $5–8B annually, urging 50% retention to boost GDP by up to 47%.
He advised securing long-term offtake contracts for market access and price stability.Oramah warned that reliance on crude revenues exposes Guyana to market volatility. From 2020–23, Guyana was the world’s third fastest-growing non-OPEC producer, adding 98,000 bpd annually.
All oil comes from the 6.6M-acre Stabroek block, with 11B+ barrels in recoverable resources.ExxonMobil operates the Stabroek block with a 45% stake, while Hess holds 30% and CNOOC 25%. Chevron may enter pending arbitration over Hess’s stake. In 2023, Stabroek partners approved a sixth development to boost Guyana’s output to 1.3M bpd.
ExxonMobil plans to bring the $12.7B Whiptail project online by 2027.ExxonMobil stated that six Stabroek developments will generate billions for Guyana. Since 2019, over $4.2B has been paid into the Guyana Natural Resource Fund.
