Stabroek Block oil producers pay Guyana US$58 million in 4Q22 royalties

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ExxonMobil, Hess and CNOOC have paid up US$57.6 million (GY$12 billion) in quarterly royalties to the Guyana government, a January report of the Natural Resource Fund indicated. This represents 26% of Guyana’s projected royalties for 2023.

The royalties account for 2% of the value of crude produced from the Liza Field in the past three months. The next payment of royalties is expected in April.

The Bank of Guyana had indicated in the December report that the Fund would receive two payments of profit oil for December lifts, on January 3 and 23, 2023. The Bank said those payments have been received as scheduled, totaling US$157.7 million (GY$32.9 billion).

Interest income also increased from US$4.2 million (GY$875.3 million) at the end of December, to US$5.2 million (GY$1.1 billion) at the end of January.

With these developments, the US$1.27 billion balance in December has increased to US$1.49 billion (GY$311.14 billion) at the close of January.

Crude oil production has been maintained between 360,000 and 390,000 barrels per day (bpd) at the Liza field offshore Guyana. The Payara project is expected to come on stream this year, with production of 220,000 bpd at peak.

ExxonMobil is the operator of the Stabroek Block with a 45% stake. Hess (30%) and CNOOC (25%) are its co-venturers.

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