Guyana’s Natural Resource Fund (NRF) has surpassed the US$2 billion mark, in market value, for the first time since its 2019 inception, according to an October report from the Bank of Guyana.
In October, the Fund received approximately US$192.99 million (GY$40.24 billion) in revenues from the sale of two lifts of profit oil. Guyana has therefore received payments for 13 out of the 17 lifts of profit oil expected in 2023, exceeding US$1 billion, as of October 31, 2023.
Royalties were also received, amounting to approximately US$52.81 million (GY$11.01 billion), in October. That was the fourth payment of royalties this year, with the lot amounting to approximately US$218 million.
The government withdrew US$100 million (GY$20.85 billion) in October to support the 2023 national budget, as part of the amount approved for budget support at the beginning of the year.
The Fund closed October with US$2.03 billion (approximately GY$423.73 billion). Revenues are being generated from the ExxonMobil-operated Stabroek Block production, where approximately 380,000 barrels per day (bpd) were produced in October.
With the start-up of the Payara project on November 14, Guyana’s output is expected to ramp up to 620,000 bpd in early 2024.
