Guyana oil fund gets US$137 million in royalties, oil sales in January

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Guyana’s Natural Resource Fund (‘oil fund’) received US$137 million in deposits in January 2024, representing royalties and oil sales.

The fund received GY$13.26 billion (approximately US$64 million) in quarterly royalties. The next quarterly payment of royalties is expected in April. These royalties, which come from the co-venturers in the Stabroek Block, represent 2% of the value of the crude produced and sold. Guyana expects US$319.91 million in royalties this year.

It also received GY$15.34 billion (approximately US$73.57 million) in oil sales. It represents payment for a lift of approximately one million barrels of crude produced in December, as announced by the Bank of Guyana. Guyana expects total deposits of US$2.08 billion in revenues from oil sales in 2024.

The oil fund also made interest income of GY$2.07 million (approximately US$9.94 million). 

The account closed January with GY$442 billion (US$2.12 billion). 

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