Guyana oil fund closed first quarter with US$2.36 billion

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Guyana’s Natural Resource Fund closed the first quarter of 2024 with US$2.36 billion (approximately GY$492 billion), according to a March report from the Bank of Guyana.

The Fund’s overall balance, in March, registered a negligible shift from the US$2.36 billion closing balance of February. This is due to there being a withdrawal of US$250 million (approx. GY$52.1 billion) and deposits of receipts from profit oil sales amounting to US$242 million (approx. GY$50.5 billion). 

The deposits included receipts from sales of one lift from each floating production, storage and offloading (FPSO) vessel in the Stabroek Block. Disaggregated, according to Guyana’s Official Gazette, the lift from the Liza Unity contributed US$81.7 million (approx. GY$17 billion) in sales; the Prosperity FPSO lift sold for US$78.4 million (approx. GY$16.3 billion); and the Liza Destiny lift amounted to US$82.1 million (approx. GY$17.1 billion) in sales.

The single withdrawal was the first for this year, to support the government’s 2024 national budget. The government plans to withdraw an approved total of US$1.617 billion (GY$337 billion) for 2024 in multiple tranches. 

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