Sunday, October 2, 2022

Guyana received over GY$16 billion in royalty payments since 2020

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Since becoming an oil producer, Guyana has received GY$16,889,629,390.29 (US$81,005,416.74) in royalty payments.

In keeping with the stipulations of the Natural Resource Fund Act 2021, the information was recently presented to the National Assembly after being published in the Official Gazette of Guyana and recorded by the central bank.

Guyana’s first royalty payment was received on April 28, 2020 – approximately GY$1,025,716,860 (US$4,919,505.30). The last royalty payment of GY$3,354,329,508 (US$16,087,959.27) was made on January 27, 2022.

While royalties are estimated monthly, 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.

Additionally, Guyana also received some GY$133,131,536,503 (US$638,250,551.76) as profit from the sale of its crude. In a yearly breakdown, Guyana got GY$31,058,253,225 (US $148,957,446.82) in 2020 and GY$95,607,580,801 (US$458,552,548.5) in 2021.

And for 2022, some GY$23,355,331,868 (US$112,015,980.18) have been received for the period January to March.

As of April, Guyana had a balance of GY$154,508,409,000 (US$741,047,528) in the Natural Resource Fund (NRF).

Guyana’s Finance Minister Dr. Ashni Singh announced last Tuesday that the government withdrew the first US$200 million from the Fund, after the National Assembly approved US$607 million for usage in support of Guyana’s 2022 budget.

Government appointed a board of directors to govern the Fund in April, led by former army chief, retired Major General Joe Singh.

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