Guyana’s oil fund valued GY$348.6 billion at end of April

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After opening the month of April with a balance of GY$305,363,388,000 (approximately 1.46 billion), Guyana’s Natural Resource Fund received royalties and two payments of profit oil revenues. This moved the balance of the fund to GY$348.6 billion (US$1.67 billion), inclusive of interest income. 

The royalties amounted to GY$11.1 billion (approximately US$53 million). This is Guyana’s second quarterly receipt of royalties for the year. Guyana has now received, up to April 30, payments for four lifts of profit oil in 2023.

The two payments of profit oil amounted to approximately GY$30.9 billion (approx. US$148 million).

Interest income stands at GY$1.21 billion (approx. US$5.8 million). 

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The government also announced early May that it made the second withdrawal of US$200 million from the fund, in keeping with Parliamentary approval earlier this year for approximately US$1 billion in oil revenues to support the 2023 national budget. Government is expected to withdraw the remaining US$600 million over the course of the year in tranches of US$200 million. 

ExxonMobil operates both Liza projects producing crude oil offshore Guyana. Output is approximately 380,000 barrels per day.

Oil to fund almost 30% of Guyana’s 2023 budget | OilNOW

136 lifts of crude are expected, with 17 to be set aside for the Guyana government. This is projected to result in deposits to the Natural Resource Fund of US$1.406 million in profit oil and US$225.2 million in royalties in 2023, according to the Finance Ministry.

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