Guyana issues third notification to Parliament of all revenues paid into oil account

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The Guyana government on Monday issued its third notification to the National Assembly of all revenues deposited into the Natural Resource Fund (NRF).

This notification was presented by Senior Finance Minister, Dr. Ashni Singh for the period July 1, 2022, to September 30, 2022, pursuant to Section 33 (2) of the NRF Act 2021. This notification was also published in the Official Gazette on October 17, 2022.

The statement tabled in the House noted that for July 20, 2022, Guyana received profit oil from the Liza Unity floating production, storage, and offloading (FPSO) vessel, totalling US$122.97 million or GY$25.64 billion.

For the period July 27, 2022, profit oil from the Liza Destiny stood at US$117.45 million or GY$24.49 billion.

In July as well, royalty payment for the second quarter production was US$51.06 billion or GY$10.65 billion.

In August 2022, Guyana only received profit oil for the Liza Unity which totalled US$102.54 million or GY$21.38 billion.

In terms of payments in September, profit oil from the Liza Destiny was US$99.16 million or GY$20.68 billion.

It therefore means that for the third quarter of 2022, oil earnings stood at approximately US$493.18 million or GY$102.83 billion. This represented the highest earnings for the fund in any quarter.

As of the end of September 2022, Dr. Singh said the Natural Resource Fund balance amounted to US$1 billion.

The Central Bank later reported that deposits into the Fund for October totalled US$155.94 million (GY$33 billion), resulting in a total balance of US$1.2 billion (GY$252.31 billion) at October 31, 2022.

One of the key amendments in the NRF Act 2021 was the strengthening of the governance architecture of the Fund. The Board of Directors and Public Accountability and Oversight Committee (PAOC) members were appointed in August 2022.


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