Guyana’s Natural Resource Fund (NRF) received more than US$268 million in July from oil sales and royalties.
The Fund received US$101.1 million (GY$21.1 billion) in royalties for crude oil produced and sold in the second quarter. Guyana has received three payments of quarterly royalties this year, so far amounting to US$263.5 million. The government expects the fourth payment in October. While the projected royalties to be received in 2024 total US$319.9 million, stable prices and higher than expected production are likely to result in higher royalties.
Payments amounting to US$167.6 million (GY$34.9 billion) were also deposited into the Fund in July, for sales of multiple lifts of the government’s crude entitlement. The government expects payments amounting to US$2.08 billion for sales of crude produced this year, and has already received 60%. The Fund also received payments earlier this year for two lifts of crude sold in 2023.
Altogether, revenue from oil sales and royalties this year are expected to outperform government projections. The revenue is derived from crude oil production at the Stabroek Block, operated by ExxonMobil.
Interest income to the Fund in July was recorded as US$13.8 million (GY$2.9 billion).
The government withdrew US$300 million (GY$62.55 billion) from the Fund in July to support its 2024 budget. Total withdrawals for the year up to July were US$850 million. Another US$736 million is expected to be withdrawn during the remainder of the year.
The Fund closed July with US$2.85 billion (GY$594.9 billion).
