Guyana receives US$380M in oil revenue for third quarter

Oct 22, 2023 News

Kaieteur News – Guyana has received a total of US$379,710,479.44 in oil money during the third quarter of 2023.

This is according to the Natural Resource Fund (NRF) receipt published in the National Gazette on October 17, 2023.

It detailed that during the period July 1, 2023 to September 30, 2023 Guyana received four payments of profit oil and one royalty payment.

Government is mandated by the NRF Act to notify the public of deposits to the fund.

According to the Gazetted Notice, a profit oil payment was made on July 20, 2023 from the Liza Unity, Guyana’s second Floating Production Storage and Offloading (FPSO) vessel that amounted to US$73,773,346.19.

This was followed by three payments on August 7, 2023, August 23, 2023 and September 20, 2023 of US$81,786,204.95, US$84,436,660.87 and US$85,277,583.54, respectively.

A royalty payment, related to the second quarter production was also made to the account totaling US$54,436,683.89.

The US$379,710,479.44 in oil revenue for the third quarter takes the total NRF funds for this year to just over US$1 billion so far.

In the first quarter of 2023, the NRF received a total of US$219 million in profit oil and royalty. This was followed by a deposit of US$438,949,894.68 in the second quarter of this year.

The GoG in its Mid-Year Report indicated that the country is expected to receive lower revenues from the burgeoning oil and gas sector than anticipated earlier this year.
This is as a result of declining oil prices on the global market triggered by a slide in demand for supplies.

According to the Report, government is still poised to receive 17 lifts of profit oil from the production activities ongoing at the Liza One and Liza two projects in the Stabroek Block.

It however indicated that the earnings for the commodity are expected to be less than previously anticipated. The Report explained, “With the price of crude oil declining amid demand-side concerns and financial market disruptions that threaten a global slowdown in economic activity, the forecast for NRF (Natural Resource Fund) deposits has been marginally downgraded.”

To this end, the Ministry of Finance said petroleum deposits for the year are now projected to total US$1,629.3 million, compared with US$1,631.7 million projected at the beginning of the year. This means that the country will receive US$2.4 million less than anticipated or approximately GYD$480M.

Government is now projected to earn US$1,410 million from the sale of Guyana’s share of profit oil, and another US$219.3 million in royalties.

NRF, oil, profit, revenue, royalty

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Guyana receives US$380M in oil revenue for third quarter

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