BUDGET 2023: Guyana earned over US$1B from 13 of 102 oil lifts last year

Finance Minister Dr. Ashni Singh says oil ships operating offshore Guyana produced 102 lifts of one million barrels of crude oil and of that number, the government got 13 lifts. 

During his presentation of the 2023 National Budget, the Finance Minister said that the government earned more than US$1 billion in revenues from 11 of the 13 lifts. 

Of that amount earned, US$510.2 million was earned from the Liza Destiny Floating Production Storage and Offloading (FPSO), which is the oil ship operating in the Liza Phase 1 development of the Stabroek Block. The remaining US$588.9 million was earned from lifts made by the Liza Unity, the oil ship operating in the Liza Phase 2 development. 

Additionally, US$155.2 million was received in royalty payments from the only producing operator- Esso Exploration and Production Guyana Limited (EEPGL), which is ExxonMobil’s local subsidiary. 

These oil funds are saved in the country’s Natural Resource Fund (NRF) – popularly called the oil wealth fund. 

That fund is used to finance Guyana’s development priorities and last year, some US$607.6 million was withdrawn to finance national development priorities. The 2021 Natural Resource Fund Act sets out how these funds must be managed. 

Budget 2023 is presented under the theme:: “Improving Lives Today, Building Prosperity for Tomorrow.”