Every household in South America’s newest oil producing nation, Guyana, will receive close to US$1,000 (GY$200,000) its President, Dr. Irfaan Ali announced on Thursday.
Dr. Ali during a special sitting of the 12th Parliament said the disbursement will begin instantaneously and is expected to put *US$288 million (GY$60 billion) into the economy.
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According to the President, the measure was created to provide direct financial support to families across the country.
Guyana has raked in billions in oil revenue from production at its offshore Stabroek Block. Operated by ExxonMobil with its partners Hess and CNOOC, the asset spanning 6.6 million acres has a resource estimate of approximately 11 billion barrels.
Three developments currently churn out over 600,000 barrels per day and Exxon has three others incoming.
Oil revenues to both the Exxon consortium and Guyana government will further increase in the coming years, as more cost is recovered for investments made, and additional projects come online. The latest project to be targeted for approval by Exxon is Hammerhead, located 160 kilometers off the country’s coast.
*A conversion rate of 208 was used to calculate the US equivalent
