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Sunday, February 28, 2021

Guyana publishes Royalty Statement for close to US$5 million cash payment received

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Authorities in Guyana have published the Royalty Statement for the almost US$5 million cash payment the country has received in royalty from oil produced and sold in the first quarter of 2020.

This adds to the US$54,927,994.80 deposited into the NRF account on March 11, as payment for the country’s first lift of 1 million barrels of oil in February 2020.

In a statement on Monday from the Ministry of Finance, seen by OilNOW, the agency confirmed that the Natural Resource Fund (NRF) account was credited with US$4,919,505.30 on April 30. The Ministry said during the first quarter, approximately 5,029,301 barrels of oil were produced and sold from the Stabroek Block, and no crude oil produced during this period was used for fuel or transportation.

“As such, and in accordance with Article 15.6 of the Petroleum Agreement for the Stabroek Block, the Government of the Cooperative Republic of Guyana (GCRG) was entitled to two percent of this quantity. This deposit to the NRF represents the cash value of GCRG’s royalty entitlement, given GCRG’s election to receive its royalty payment in cash,” the Finance Ministry stated.

While royalties are estimated on a monthly basis, Article 15.6 of the Petroleum Agreement stipulates that the monies will be transferred to the Government quarterly – 30 days after the end of each calendar quarter.

Guyana lifted its second one-million-barrel oil cargo last week and has around 3 more lifts remaining for the year.

See Royalty Statement and NRF Statement of Account below:

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