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Monday, January 25, 2021

Guyana rakes in over US$180 million from oil exports this year, 4th cargo lifted this month

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Guyana has earned over US$180 million from oil exports this year. The country lifted its fourth and final cargo for 2020 earlier this month from the Liza Destiny FPSO representing its share of oil being produced by ExxonMobil at the Liza Phase 1 Development.

All revenue from oil production – exports and royalty – are being deposited into the Natural Resources Fund (NRF) account at the Federal Reserve Bank of New York.

The Fund received its first revenue of US$54,927,997.79 million on March 11 from the country’s initial million-barrel oil cargo. Then on June 10, an additional sum of US$35,063,582.05 was deposited into the NRF account for the second million-barrel oil lift. This was followed by US$46,046,937.03 being deposited on August 8. The final lift this month brought in revenues of US$49,341,810.55. This amounts to a total of US$185,380,327.42 earned by Guyana from oil exports so far. When royalty is added to this amount, total revenue is expected to reach around US$200 million.

A shortfall in production saw Guyana lifting 4 instead of 5-million-barrel oil cargoes this year. However, oil production has since reached the full capacity of 120,000 barrels per day paving the way for Guyana to lift its full quota in 2021.

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