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Govt. to collect US$1.3M royalty for first quarter by month end

Apr 03, 2020 News

For January, Guyana has earned US$1,268,706 in royalty from the Stabroek Block, but this would not be received until April month end, according to a Ministry of Finance Report on Petroleum Production and Reserves.
The document notes that ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) lifted crude for that month which amounted to 20,506 barrels.
Government reminded on this note that it is entitled to a royalty of two percent of all crude produced and sold. It further stated that the cash-based value of the royalty will be determined using the average fair market price of a barrel of crude for January 2020, calculated in accordance with Article 13 of the Petroleum Agreement for the Stabroek Block.
Up to the time it published the report yesterday, the Ministry noted that the Government and the Contractor were still finalising the procedures to give effect to Article 13 of the Agreement.
However, based on the current draft of the procedure, the average fair market price of crude for January 2020 would be US$61.87 per barrel. Using this price, the value of the royalty for January 2020 would be US$1,268,706, the Ministry said.
The Ministry said that while royalties are estimated on a monthly basis, Article 15.6 of the Petroleum Agreement stipulates that the monies will be transferred to the Government quarterly, thirty (30) days after the end of each calendar quarter. As such, the royalty payments for January, February and March 2020 will be transferred to the Natural Resource Fund (NRF) by April 30, 2020.

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