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Guyana gets US$266M in oil production

Mar 12, 2021 News

…as operators extract in excess of US$1B in crude from Stabroek Block

Kaietuer News – The Ministry of Natural Resources has released the figures for the amount of money deposited into its Natural Resources Fund (NRF) with just about US$246.5M in profits along with $21.5M earned in royalties over the past year.
With royalty charged at two per cent, it would mean that the royalty earned reflects total production worth some $1.1B during the course of the reporting period.
The profit oil for Guyana, as announced by the Ministry—uplifted in five shipments totalling some five million barrels of oil—has earned Guyana US$246.5M. Under the Petroleum Lifting Agreement signed between partners, Guyana receives one in every four lifts.

According to the information released by the Ministry of Natural Resources, the country obtained its first shipment of oil in February 2020, collecting 1,006,321 barrels of crude and sold it for US$54.9M. The second shipment earned the least so far with the country selling its 980,854 barrel take for just over US$35M.The highest earnings to date, comes from the February 2021 shipment of 997,420 barrels which was sold for US$61M.

This publication was reminded that the current Irfaan Ali administration has committed to revamping the Natural Resources Fund legislation which is expected to alter the drawing down provisions from the account.

Under the Production Sharing Agreement signed with ExxonMobil Subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) and its partners—Hess Corporation and China National Offshore Oil Company—the country will share profits 50/50, minus royalty and cost oil. The two per cent royalty accepted by Guyana under its PSA with the oil consortium has been long criticized domestically and internationally by experts in the field.

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