At the end of November, the balance in Guyana’s Natural Resource Fund stood at over US$1.3 Billion, which is over G$290 billion, according to the monthly statement issued by the Bank of Guyana.
The deposits were published by the Central Bank in keeping with Section 33(2) of the Natural Resource Fund Act, which provides for the publication of all petroleum revenues that are paid into the fund.
According to the statement issued by Guyana’s Central Bank, Guyana received G$36.9 billion (US$177.14 million) in profit oil for month of November. The report stated that no royalties were paid for the month and there was also no spending from the fund last month.
Earlier this year, Finance Minister, Dr. Ashni Singh disclosed that with the increase in the price of crude oil, deposits to the Natural Resource Fund are projected to be 32.5% higher than the US$957.6 million projected at the time of preparing Budget 2022.
Government is now projected to earn US$1.1 billion as revenue from the sale of its share of profit oil, and US$147.7 million in royalties in 2022, depending on the oil prices, the Finance Minister had earlier stated.
The Government late last year passed the Natural Resource Fund Act, which provides for the management and oversight of the country’s oil revenue. The NRF law has since been challenged by the Parliamentary Opposition.
A total of US$607 million is to be withdrawn this year from the fund.