Second royalty payment pushes Guyana’s oil revenue above US$98 million

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Guyana’s second royalty payment from oil produced and sold in Q2 2020 now pushes the total revenue the country has received since oil production began last December to more than US$98 million.

Finance Minister, Winston Jordan, has confirmed that the sum of US$3,698,152.63 was deposited into the Natural Resources Fund (NRF) account held at the Federal Reserve Bank of New York.

The Fund received its first revenue of US$54.93 million on March 11 from the country’s initial million-barrel oil cargo. Royalty payments for the first quarter closely followed, amounting to US$4,909,505. Then on June 10, an additional sum of US$35,063,582 was deposited into the NRF account for the second million-barrel oil lift pushing the amount in the fund to US$94,921,803. Added to the second royalty payment, the total deposit into the NRF account so far now amounts to US$98,619,955.

Additionally, the Ministry of Finance said on June 26 in its first NRF Quarterly Report that the profit earned in Q1 2020, based on the balance that was in the account as at the end of March (US$54.93 million), amounted to almost US$7,800. This comprise interest earned on deposits held with the Federal Reserve Bank of New York.

Guyana is set to lift its third million-barrel oil cargo this week.

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