Monday, February 6, 2023

Guyana has raked in over US$1.1 billion in oil revenue so far this year

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As of November 30, Guyana received US$1.17 billion from oil sales and royalties so far this year, according to reports from the Central Bank.

The sale of 10 lifts in the period, representing Guyana’s share of profit oil, returned US$1.015 billion in deposits to the Natural Resource Fund (NRF). The government projected 13 lifts of profit oil for 2022, with estimated total earnings at US$1.1 billion.

The Fund also received four quarterly payments of royalties, which amount to approximately US$155 million. The government projected that Guyana would receive US$147.7 million in royalties in 2022. However, the royalties were paid in the quarters ending January, April, July, and October, instead of the quarters of the 2022 Calendar year. Therefore, the January payments include royalties with respect to November and December 2021. The November and December 2022 royalties are expected to be paid along with the January 2023 royalties, at the end of January.

At the end of November, the Fund had a balance of US$1.39 billion, including interest income of GY$860.34 million (US$4.13 million). In December, the government announced a withdrawal of US$207.6 million. The withdrawal of revenues deposited for 2020 and 2021 was the last of three deposits made in 2022, approved at the start of the year as budget support.

More revenue from the sale of Guyana’s share of profit oil is expected to be deposited into the Fund for December.

Revenues are being earned from oil production at the ExxonMobil-operated Stabroek Block offshore Guyana, where combined production capacity from Liza Phase 1 and 2 is 360,000 barrels of oil per day (bpd).

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