Tuesday, September 27, 2022

Guyana raked in over GY$48B in oil revenues in second quarter

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In just three months, Guyana received a total of GY$48,406,316,589 (US$232,164,587.96) in royalty and profit oil payments in the Natural Resource Fund (NRF), according to a notice published in the Official Gazette dated July 18, 2022.

Giving a breakdown, the Finance Ministry said that Guyana got a royalty payment of GY$4,390,903,379 (US$21,059,488.63) for Q1 production on April 28.

Then, a payment of GY$21,381,304,933 (US$102,548,225.10) was received on May 25 for an April 25 oil lift from the Liza Unity vessel.

And finally, another payment of GY$22,634,108,277 (US$108,556,874.23) was made on June 2 for a May 3 oil lift from the Liza Destiny vessel.

The notice was published pursuant to Section 33(2) of the Natural Resource Fund Act 2021.

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. Even more than that is now expected since the steep increase in the price of crude.

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