Since March 2020, Guyana has accumulated more than US $719 million, or about GY $150 billion in the Natural Resource Fund – the country’s oil wealth fund – according to a notification of receipts published in the Official Gazette.
Of that total amount, US $638.5 million or GY$133 billion has been garnered from profit oil, which is Guyana’s share of each lift of crude earned as profit.
The remaining US $81 million or GY$16.8 billion were earned as royalties; these royalties are paid on a quarterly basis.
As per the Natural Resource Fund law, oil and gas revenues that are paid into the Fund must be publicised. And these payment figures were published in the Official Gazette on April 25, 2022.
The final payment recorded was on February 28, 2022, which is a payment for a lift of profit oil executed on January 29, 2022. All funds garnered are from the oil produced in the Liza Phase 1 development in the Stabroek Block offshore Guyana.
On Saturday last, Guyana’s Ministry of Natural Resources in a statement said that it expected to sell the first one million barrels of profit oil from the Liza Phase Two development, also found in the Stabroek Block, by the end of April.
With this sale, Guyana is expected to earn another US $106 million or GY $22 billion.
