The government reports that Guyana's oil production rose to 667, 000 bpd during May.

In a government bulletin, published on Tuesday, Guyana's oil production rose from 611,000 barrels per day to 667,000 bpd by May, thanks to increases at Exxon Mobil's two facilities.

Exxon, U.S. Hess, and China's CNOOC, which control all oil and natural gas output in South America, are expected to increase production beyond 900,000.bpd when a fourth floating plant begins operating later this year.

According to data, the group's May production reached a new monthly record, bringing its total output for this year up to 634,000 bpd.

Guyana's oil production last year was 616 000 bpd. This contributed to an increase in economic growth of over 40%. The government expects to earn $2.5 billion from the fast-growing energy industry this year.

Separate data from the Central Bank shows that Guyana earned $130 million in profit oil last month, from the sale cargoes.

Bharrat Jagdeo, Guyana's vice president, said this month that the government would not sign any major energy contracts, such as those for oil blocks or natural gas, before the September elections. (Reporting and writing by Kemol King; editing by Alistair Bell).

(source: Reuters)