Guyana’s Natural Resource Fund (NRF), which holds government revenue from offshore oil production, received approximately US$80 million in August 2024. This sum was for the sale of approximately one million barrels of crude oil.
This marks the 16th lift of crude oil for the government in 2024, with the lot so far generating approximately US$1.32 billion. The government expects to receive nearly US$1 billion more in revenue over the last four months of 2024, representing payments for 11 more lifts. In total, the government expects more than US$2.2 billion from oil sales by the end of 2024, based on the projected 27 lifts, which reflects Guyana’s entitlement from crude production for the year.
While no royalty payments were made in August, the government has already received three quarterly royalty payments in 2024. In total, US$353.8 million in royalties is expected for the year, with the final payment anticipated in October. Based on government estimates, the last quarterly royalty payment should be approximately US$90 million.
Up to August 2024, withdrawals from the NRF totaled US$850 million. An additional US$736 million is expected to be withdrawn by the end of the year. As of August 2024, the NRF held just over US$2.9 billion in funds.
All revenues are derived from crude oil produced at the Stabroek Block, where ExxonMobil serves as the operator, holding a 45% stake. The remaining shares are held by Hess (30%) and CNOOC (25%).
