Guyana got US$150 million from sale of two profit oil lifts in June

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Kemol King
Kemol King is a journalist with six years of experience in Guyana's media landscape. He covers the oil & gas sector and its impact on the country's development.

Guyana’s Natural Resource Fund (NRF) received payments for two lifts of profit oil in June, amounting to US$150 million. These represent the sixth and seventh lifts owed to Guyana for the year, from oil production at the ExxonMobil-operated Liza field. 

Guyana has therefore received seven of the 17 lifts it projected this year.

The Fund has also received two payments of royalties, in January and April. A third payment is expected in July, and the last for 2023 in October. 

Altogether, Guyana has received US$658 million in oil revenues in the first half of the year. The government is projected to receive approximately US$1.63 billion for the full year. Most of the remainder will come from profit oil payments. 

In accordance with statutory requirements in the Natural Resource Fund, the receipts for the first two quarters of the year have been published in The Official Gazette. 

The government has so far withdrawn US$400 million of the US$1 billion approved for use from the Fund, to support the 2023 national budget. 

ExxonMobil holds a 45% operating stake. Hess (30%) and CNOOC (25%) are its co-venturers. Guyana receives approximately a 14.5% stake (roughly) each year from Stabroek Block oil production, while the companies recoup expenses. Exxon is producing about 380,000 barrels per day (bpd) from the Liza oilfield.

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