After seven oil lifts, Guyana’s Natural Resources Fund almost US$400M

Following its first lift of oil in February 2020, Guyana has now had a total of seven lifts, Minister of Natural Resources Vickram Bharrat announced on Monday in the National Assembly.

He said the Natural Resources Fund, where the oil revenue is kept, now stands at US$400 million.

Speaking during the debate to amend the Petroleum Act, Minister Bharrat said the government has not spent a single cent of that money as it first seeks to put in place measures for greater accountability.

“We have not misused this money…we still have every dollar in the natural resource fund,” he told the House.

The News Room understands that on July 3, 2021 the seventh lift occurred.

Some 1,047,820 barrels of oil were lifted from Liza Destiny with a value of US$79,617,561.87, with a grand total to date of 7,056,262 barrels of oil, which earned US$388,777,840.1.

No royalties earned are included in the figures provided.