Wednesday, September 27, 2023

Guyana oil fund increases by $4.4 billion in April from interest, royalty payments

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Guyana’s Natural Resource Fund (NRF) balance increased by GY$4,427,198,000 in April, according to a report from the Central Bank of Guyana.

GY$4,390,903,000 (approximately US$21,059,487) in royalties were paid by Stabroek Block co-venturers in the month of April, and deposited into the Fund.

And interest income accrued in April stood at GY$36,295,000 (approximately US$174,076).

The opening balance of the Fund at the beginning of the month was GY$150,081,211 (approximately US$719,813,962).

With the gains in April, the balance of the Fund increased to GY$154,508,409,000 (approximately US$741,047,528).

Government had projected some US$957 million in earnings this year from the production of oil in the Stabroek Block, a steep increase from previous years due to first oil being achieved at Liza Phase Two in February.

However, Russia’s invasion of Ukraine has shot oil prices over US$100 a barrel, a situation Rystad Energy expects to persist until the third quarter. More revenues are also likely due to increased production capacity at Liza Phase One.

Guyana received its first lift of the project’s Unity Gold crude, and expects to sell it at about US$106 million.

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