Guyana received over US$1.3 Billion in revenues from oil production in the Stabroek Block, Minister with responsibility for Finance, Dr Ashni Singh disclosed in the National Assembly this afternoon as he presented the 2024 Budget.
It was explained that in 2023, there were 142 lifts of crude oil from Guyana’s Floating Production Storage and Offloading (FPSO) vessels, 17 of which were for the Government of Guyana.
Of those 17 lifts that Guyana received, six were from the Liza Destiny FPSO while 11 of the lifts came from the Liza Unity FPSO.
It was based on those lifts, that Guyana received approximately US$1.398B in profit oil.
However, it was explained that two of the lifts dated back to the end of 2022.
“The profit oil receipts recorded in 2023 correspond to two lifts that occurred in the last quarter of 2022 and 15 lifts that occurred in 2023. Two receipts related to 2023 are anticipated to be made this month, and those relate to lifts that occurred later in the year, that is to say, December of 2023,” Minister Singh explained.
Meanwhile, royalty payments from ExxonMobil – the operator in the Stabroek Block – amounted to US$208.1M last year.
It was further disclosed that in keeping with the Natural Resource Fund (RNF) Act, and with approval from the National Assembly, just over US$1 Billion was withdrawn from the Natural Resource Fund to finance national development priorities.
Notwithstanding the withdrawals, the Fund closed the year with close to US$2 Billion.
“In 2023, US$1.617B in petroleum revenue was deposited into the Fund, and at the end of the year, the overall balance inclusive of interest income stood at US$1.973B,” Minister Singh disclosed.
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