In November, Guyana’s oil fund received payment for the 14th lift of profit oil amounting to approximately US$90 million (GY$18.77 billion).
Profit oil payments for the year accumulate in excess of US$1.1 billion. Government expects three more. Royalties, not received in November, amount to US$218 million this year. The next royalty payment is expected in January.
A Bank of Guyana report indicated, in addition to the profit oil payment inflow, that the government withdrew approximately US$100 million (GY$20.85 billion) in November to support the national budget.
The Natural Resource Fund’s closing balance therefore registered a marginal decrease from US$2.032 billion (GY$423.73 billion) in October, to US$2.031 billion (GY$423.52 billion) in November.
In addition to revenues being generated at the Liza field from two projects, production at the Payara field commenced in November. With that new project on stream, Guyana’s output will significantly increase in 2024, which in turn will see a boost in revenues for the South American country.
ExxonMobil is the operator of the Stabroek block, where all the oil production operations are ongoing, and holds a 45% stake. Hess holds a 30% stake and China’s CNOOC holds the remaining 25%.
