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Guyana gets US$4.9M for first 2% royalty

May 02, 2020 News

Finance Minister, Winston Jordan, confirmed yesterday that Guyana received its first payment of royalty from the Stabroek Block operation.
The two percent royalty which was collected at the end of the first quarter amounted to US$4,909,505 and was promptly deposited into the Natural Resource Fund.
The Ministry of Finance had said in one of its reports on the petroleum production and reserves, 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. It was noted that the average fair market price of crude for January 2020 was US$61.87 per barrel. Using this price, the value of the royalty for January 2020 was US$1,268,706.
The Ministry had 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 would be transferred to the Natural Resource Fund by April month end.

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