Guyana oil fund closed 2023 with US$1.97 billion

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Guyana’s Natural Resource Fund closed 2023 with US$1.97 billion (approximately GY$411.47 billion) according to a Bank of Guyana report published on Jan. 15. 

The Fund received payment for one lift of profit oil in December, amounting to US$85.4 million (approximately GY$17.8 billion), and allowed the final outflow of support to the 2023 national budget. 

A formula in the law, which governs annual withdrawals from the Fund, avails just over US$1.1 billion for support to Guyana’s 2024 budget which will be presented today in Parliament. In the coming weeks, the House will debate the budget and approve the withdrawal from the Fund.

Given the start-up of the Payara project in November and the subsequent ramp-up in production, earnings from profit oil sales and royalties could exceed US$2 billion in 2024.

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