Guyana receives US$267 million in oil revenue from sales in May

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Guyana’s Natural Resource Fund (NRF) received inflows of US$267 million (approximately GY$56 billion) from oil sales in May, the Bank of Guyana revealed.

The Guyana government expects US$2.08 billion in revenues from oil sales this year, with over US$974 million received as of May month’s end.

An outflow of US$300 million (GY$62.55 billion) was recorded, representing a withdrawal in May to support the government’s 2024 national budget. This year, the National Assembly approved US$1.586 billion (GY$331 billion) as budget support. US$550 million (GY$115 billion) has been withdrawn as of May 31.

Interest income for the month of May amounted to US$11.89 million (GY$2.48 billion). 

Guyana received no royalties in May. The fund has received over US$162 million of the US$319.91 million in oil royalties expected this year, recorded in January and April deposits. The next deposit of royalties is expected in July.

As the May outflow exceeded inflows and interest income, the Fund ended May with US$2.613 billion (GY$544 billion), less than the US$2.634 billion (GY$549 billion) closing balance of the prior month

All oil revenues so far have been derived from oil production at the ExxonMobil-operated Stabroek Block. The NRF, which holds Guyana’s oil revenues, is held by the New York Federal Reserve Bank. 

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