Of the 102 lifts of crude oil generated in last year, 13 belonged to the Government of Guyana.
The Finance Minister Dr. Ashni Singh made the disclosure today while presenting the 2023 National Budget.
He disclosed that US$1 Billion was injected into the Natural Resource Fund from profit oil, US$510.2M of which came from Liza Destiny and US$588.9M from Liza Unity.
“Profit Oil, receipts in 2022 corresponds to 11 government lifts as the remaining two would be received this month,” Minister Singh explained.
According to a notification of receipts laid in the National Assembly on Monday, US$88.9M in petroleum revenue was paid into the Natural Resource Fund on October 7, 2022 for a lift of profit oil executed on September 8 from Liza Unity FPSO, while another US$89.1M was injected into the fund based on a lift conducted on October 7, 2022 from Liza Destiny. Two additional injections were made to the tune of US$87.9M and US$83.8M for lifts conducted in October and November from the Liza Unity FPSO.
The Government also received royalty payment for the third quarter of 2022 to the tune of US$66.9M.
According to the Finance Minister, the Government received a total of US$155.2M in royalty payments from ExxonMobil and its co-venturers. Notably, royalties are paid on a quarterly basis.
He told the House, that in keeping with the Natural Resource Fund Act, US$607.7M was withdrawn from the fund to finance National Development priorities in the 2022 budget.
He said at end of 2022, the overall balance in the fund, inclusive of interest rates and after transfers to the budget amounted to US$1.271B.
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