On April 30, 2020, Guyana’s Natural Resource Fund account was credited with US$4,919,505.30 – the royalty payment for oil produced and sold from the Stabroek Block in the first quarter of 2020.
During this quarter, approximately 5,029,301 barrels were produced and sold from the Stabroek Block, and no crude oil produced during this period was used for fuel or transportation.
As such, and in accordance with Article 15.6 of the Petroleum Agreement for the Stabroek Block, the Government of the Cooperative Republic of Guyana was entitled to two percent of this quantity.
This deposit to the NRF represents the cash value of GCRG’s royalty entitlement, given GCRG’s election to receive its royalty payment in cash.
Further details on the monthly breakdown of royalty payments due to GCRG can be found in the Ministry of Finance’s monthly Report on Petroleum Production and Revenues. (Ministry of Finance press release)
