Guyana Stacking Up Millions in Oil Revenue

Guyana Stacking Up Millions in Oil Revenue

The Government of Guyana on May 1st confirmed that US$4.9 million had been directly deposited into the Natural Resources Fund as a result of the first royalty payment for the country’s crude oil.

Finance Minister, Winston Jordan, said the payment is for the oil produced from Guyana’s Liza Phase 1 Development for January, February and March and had originally been deposited into the account held at the Federal Reserve Bank of New York.

He said the next deposit is expected to be made at the end of July and that this is in addition to the money the country received from the sale of crude to Shell Western Supply and Trading Limited.

Additionally, a Government statement said that the two percent royalty being paid, Guyana also receives 50 percent profit oil.

“Guyana also stands to benefit from direct and indirect benefits through employment creation and other revenue-generated income from the oil and gas industry.

“The country is entitled to approximately five million barrels of oil this year as part of its profit share from production at the Liza Phase 1 Development. Guyana’s first three lifts were sold to Shell Western Supply and Trading Limited,” the statement added.