Guyana locks in US$82M in revenue for first oil lift this year

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Guyana’s Natural Resource Fund (NRF) received a payment of US$82 million in February, representing revenue for the first lift of profit oil sold in the new year.

The payment is recorded as GY$17,148,857,000 (approximately US$82,248,714). It is the first of 17 lifts expected for the Guyana government this year. The lifts are being marketed by BP Oil.

The government withdrew US$200 million from the Fund in February for expenditure on national development priorities. The National Assembly approved a total withdrawal of US$1 billion this year to support the 2023 budget.

The Fund received profit oil payments in January, but those were for two lifts from the previous year. It also received US$58 million in royalties in January.

The Fund closed February with US$1,379,353,505.59.

Production offshore Guyana is outperforming original targets. ExxonMobil’s Liza projects in the Stabroek Block averaged combined production of 372,000 barrels per day (bpd) in January.

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