Guyana has received US$21M in oil royalties so far – Vice President

Feb 11, 2021 News

Vice President, Dr. Bharrat Jagdeo.

Kaieteur News – More than US$200 million earned from oil revenues currently sits in Guyana’s Natural Resource Fund (NRF), with the most recent payment made back in January. This was the disclosure of Vice President, Dr. Bharrat Jagdeo, during his most recent press briefing which was held on Tuesday.
He relayed to media operatives that in total, US$206.6 million (G$43.1 billion) is currently in Guyana’s NRF. That figure also included the latest royalty payment of US$8.3 million received last month.
Jagdeo stated, “So far, US$21.2 million in royalty payments have been made into the fund. And there are four payments – US$4.9 million, US$3.6 million, US$4.3 million and US$8.3 million in royalty payments, at different times – April 2020, August 2020, October 2020 and January 2021.”
“And then from profit oil, we have March 11 (2020) – US$54.9 million; June (2020) – US$35 million; August (2020) – US$46 million; and January 11 (2021) – US$49 million… so we now have US$206.6 million in the fund – US$185 million so far from profit oil and US$21.2 million from royalty,” Jagdeo continued.
Currently, all of the revenue accumulated from the sale of Guyana’s oil is held in the NRF, which is banked at the Federal Reserve Bank of New York. The fund remain untouched, however, as government attempts to review the legislation governing the NRF.
Government has long frowned upon the NRF implemented by the previous Coalition administration.
It was revealed that its provisions give the subject Minister too much control over the Fund.
Attorney General and Legal Affairs Minister, Anil Nandlall, noted too that the legality of the fund is questionable, given that it was passed after the government fell by a December 21, 2018 No Confidence vote.

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