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Parliament receives third notification of petroleum revenues paid into the NRF
Kaieteur News – Senior Finance Minister, Dr. Ashni Singh on Tuesday presented Notification Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period 1st July 2022 to 30th September 2022, pursuant to Section 33 (2) of the NRF Act 2021, the Department of Public Information (DPI) reported.
At the end of September, the Natural Resource Fund’s balance stood at US$1B. The notification was published in the Official Gazette on the 17th October, 2022.
Senior Finance Minister, Dr. Ashni Singh
Amendments to the NRF Act 2021 were aimed at strengthening the governance architecture of the Fund through the establishment of a Board of Directors tasked with the overall management of the Fund, reviewing and approving the policies of the Fund and monitoring its performance thereby separating the management of the Fund from the Minister responsible for Finance, DPI said.
In addition, a 9-member Public Accountability and Oversight Committee (PAOC), responsible for providing non-governmental oversight of the operations of the Fund, replaced the 22-member Committee previously proposed. The Board of Directors and PAOC members were appointed in August 2022.
Last week Vice President Dr. Bharrat Jagdeo announced new fiscal terms as part of an updated model Production Sharing Agreement (PSA) for all new contracts. Fourteen (14) oil blocks have been identified and will be auctioned for the country’s first-ever competitive offshore oil and gas licensing round.
As part of this new model agreement, the royalty has been increased from the meager 2 percent granted to the Stabroek Block to 10 percent.
DPI has reported that the current 75 percent cost recovery ceiling has been lowered to 65 percent. Profit sharing after cost recovery remains the currently applied 50/50 system between the Contractor and the Government of Guyana.
The Government’s Information Agency said that the “new terms would double Guyana’s share from 14.5 percent to 27.5 percent, alongside the newly introduced 10 percent corporate tax.”
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