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Tuesday, April 13, 2021

Guyana oil revenue climbs to almost US$95 million as proceeds from second oil export deposited

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More than US$35 million has been deposited into Guyana’s Natural Resource Fund (NRF) account representing payment for its second one-million-barrel oil cargo lifted in May. This brings the total revenue collected so far from profit oil and royalty to almost US$95 million with royalty payments for the May export still pending.

“The Natural Resource Fund was yesterday credited with US$35,063,582.06. This represents payment by Shell Western Supply and Trading Limited for Guyana’s second lift,” the Ministry of Finance said Thursday. “The total holdings of the NRF as at June 11, 2020 is US$94,921,803.00.”

Prior to this deposit, the country had already received close to US$60 million in profit oil and royalty since production began last December.

Shell Western Supply and Trading Limited has been contracted to lift the country’s first three cargoes.

Following the second lift, Guyana is expected to have 3 more lifts of 1 million barrels of oil each remaining for 2020.

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