Sunday, February 5, 2023

Guyana’s oil fund earns GY$21B from profit oil for May

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OilNOW
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For May 2022, Guyana earned profit oil income from the Stabroek Block totaling GY$21,381,305,000 (approximately US$102,548,225.42). In the prior month, the country received royalties to the tune of GY$4,390,903,000 (approx. US$21,059,486.81).

The following figures were extracted from the monthly Natural Resource Fund (NRF) reports which are prepared and published by the Bank of Guyana.

According to the financial institution, outflows from the Fund to the Consolidated Fund account for May totaled GY$41.7 billion. This money would be used to finance national development priorities. The transfer was made in accordance with the strengthened legal architecture of the NRF Act 2021 and follows the publication in the Official Gazette of all petroleum revenues paid into the Natural Resource Fund during the period January 1 to March 31, 2022.

The closing balance at the end of the month was GY$134,270,087,000 (approx. US$643,981,234.71).

To date, there has been no investment mandate for the Fund and all petroleum revenues are held as cash deposits in the NRF account. A revised NRF Act was passed in the National Assembly and assented to by President Dr. Mohamed Irfaan Ali on December 30, 2021. This revised Act assigns responsibility for the preparation of the investment mandate to a Board of Directors.

The International Monetary Fund (IMF) recently threw its support behind the amended legislation, noting that it has improved transparency and accountability for withdrawals and spending.

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