Guyana gov’t keeping with new reporting obligations for oil wealth

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Guyana’s Minister of Parliamentary Affairs and Governance, Gail Teixeira on behalf of Senior Finance Minister Dr. Ashni Singh tabled a Notification of Receipts to the National Assembly, of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period January 1 to March 31, 2023. 

The notifications are to be made every quarter, keeping with the government’s legal obligations.

The notification was also published in the Official Gazette on March 31, 2023. Government said it reaffirms its commitment to accountability and transparency in the management of Guyana’s oil resources. At the end of March 2023 the balance in the NRF stood at US$1.465 Billion.

The NRF Act was legislated in 2021 by the current administration, replacing the old NRF 2019 Act passed by the previous government. In 2022, a total of US$607.6 Million was withdrawn from the Fund to finance national development priorities, and a further US$1,002.1 Million is projected to be withdrawn this year.

Government said that its amendments to the NRF Act were noted by the International Monetary Fund (IMF) in its Article IV Consultation of 2022.

The institution stated, “The NRF Act was strengthened recently. After a thorough review, and while restraining the spending of the oil receipts, the authorities amended the NRF Act in December 2021.”

The recent amendments set clear ceilings on withdrawals from the Fund for budgetary spending.

Guyana’s oil revenues are expected to increase significantly this decade to billions of US dollars per year as crude output increases at the offshore Stabroek Block. Exxon plans to produce more than 1.2 million barrels per day (bpd) by 2027.

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