Guyana earned G$126 Billion (US$604.3M) in oil revenues during the first quarter of this year, according to a document laid in the National Assembly today by Minister with responsibility for Finance, Dr Ashni Singh.
The document titled “Government Notice” was presented to the House in accordance with Section 33 (2) of the Natural Resource Fund Act 2021, which mandates the Government to give notice of the receipts of all petroleum revenues paid into the Natural Resource Fund.
The document shows that from January 2, 2024 to March 25, 2024, the Government received payments totaling $126.0B for seven lifts of profit oil, with two of those lifts dating back to 2023.
The sum also includes the payment of royalty amounting to $13.260B or US$63.599M for oil production in the fourth quarter of 2023.
Additionally, the document confirms that with regards to oil lifts, Guyana received G$15.340B on the 2nd January, 2024 for a lift of profit oil executed on December 2, 2023 from the Liza Unity FPSO, and later on February 2, 2024, the country received G$15.957B for another lift which was executed on January 3, 2024 from the same FPSO.
On February 2, 2024, GUY$15.706B was deposited into the Natural Resource Fund for lift of profit oil executed on January 3, 2024 from the Prosperity FPSO, and later in February, the country received G$15.706B for a lift executed in December 2023 from the Liza Unity FPSO.
The other three lifts were executed between February 5 and February 24, 2024 with funds totaling G$17.026B, G$16.341B, and G$17.122B being deposited into the Natural Resource Fund between March 6 and March 25 for lifts executed from the Liza Unity FPSO, Prosperity FPSO and Liza Destiny FPSO respectively.
Profit oil receipts are derived from Government of Guyana lifts of crude oil earned as profit. Additionally, royalties are paid on a quarterly basis 30 days following the end of each calendar quarter.
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