Following earnings of US$1.617 billion in 2023, the Bank of Guyana said it expects Guyana’s oil fund (the Natural Resource Fund) to receive payments for two lifts of oil produced in December.
The lifts, each approximately a million barrels of crude, represent profit barrels owed to Guyana, based on the Stabroek Block production sharing agreement (PSA). The first payment is scheduled for January 2, totaling US$73.57 million. The second deposit, US$75.33 million, is scheduled for February 15.
The funds already received in 2023 include four quarterly royalty payments and payments for 17 lifts of profit oil. A report from the Bank of Guyana indicates that an additional payment was deposited into the fund on December 1 (US$235,507) representing Guyana’s entitlement from a Liza Unity lift. Based on the PSA, Guyana is entitled to 12.5% of annual production, representing 50% of the profit oil. However, this December 1 payment is unusual, as each party’s entitlement is typically shared in whole lifts.
The Natural Resource Fund closed 2023 with these payments at US$1.97 billion.
The government is expected to withdraw US$1.586 billion from the fund to support its US$5.5 billion 2024 budget.
