Sunday, June 26, 2022

Guyana closes 2021 with over US$600M in NRF – Central Bank

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Bank of Guyana Governor, Dr. Gobind Ganga confirmed to OilNOW on Wednesday that the Natural Resource Fund (NRF) closed 2021 with US$608M on its balance sheet. He said the last lift, which occurred in November, raked in approximately US$74M.

Guyana’s fifth lift was marketed by Aramco Trading Limited (ATL) which won a one year contract to market the country’s profit oil from the Stabroek Block.
OilNOW had reported that ATL was identified among several companies last year as the lowest compliant evaluated bidder at the price of $0.025 USD per lift which is estimated at approximately one million barrels.

Guyana’s Minister of Natural Resources, Vickram Bharrat, had stated that the government remains committed to securing the best agreements for the country and further pledged to maintain the highest level of compliance and transparency to ensure benefits from the oil and gas sector improve the lives of all Guyanese.

Guyana’s revenue collection for 2022 is expected to increase as ExxonMobil remains on track for the start-up of the Liza Unity FPSO in the Stabroek Block this quarter. Once operationalized, it is expected to take the country’s production to 340,000 barrels of oil per day, at least.

The Stabroek Block is 6.6 million acres (26,800 square kilometres). Exxon, through subsidiary Esso Exploration Production Guyana Limited (EEPGL), is the operator and holds 45 per cent interest in the block. Hess Guyana Exploration Ltd holds 30 per cent interest, and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest.

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