Guyana earned $126B in oil revenue between January and March 2024

Guyana’s earnings from the sale of oil in the first quarter of 2024 amounted to $126 billion or US$604.3 million. This is according to a Government Notice tabled in the National Assembly on Thursday by Finance Minister Dr. Ashni Singh.

The $126 billion are both revenues for profit oil and include the payment of royalty amounting to $13.2 billion for the period January 01, 2024 to March 28, 2024.

During the period, seven payments for lifts of profit oil were received though at least two date back to the previous year.

The notification of receipts for all petroleum revenues paid into the Natural Resource Fund during the period was declared to the House in keeping with provisions of the Natural Resource Fund Act.

Guyana received $15.3 billion on January 02 2024 for a lift from December 2023 and on February 02, 2024, another payment of $15.9 billion was made for the lift on January 03, 2024.

Also in February, two payments totaling $15.7 billion each were deposited into the Natural Resource Fund for lifts in January and December 2023.

Another three lifts were made in February and during March 2024, sums totaling $17 billion, $16.3 billion, and $17.1 billion were deposited into the Natural Resource Fund.