Senior Minister with responsibility for Finance, Dr. Ashni Singh disclosed, via his 2022 budget, that Guyana is expected to earn over US$950M from its oil sector this year. This is on account of the Liza Unity floating, production, storage and offloading vessel (FPSO) which comes into operation at the Liza Phase Two Project this year.
Since it will be pumping oil simultaneously alongside the Liza Destiny FPSO, Dr. Singh said it is anticipated that there will be 94 lifts from the Stabroek Block, 13 of which will be Government lifts. From this, he said it is estimated that deposits into the Natural Resource Fund (NRF) for 2022 will total US$957.6 million, comprising some US$857.1 million earned from the Government lifts of profit oil, and an additional US$100.5 million from royalties.
In particular, the economist said crude oil exports are projected to increase by 107.7 percent to US$6,180.6 million amid the commencement of production from Liza Unity.
Briefly noting non-oil exports, he said this is forecast to increase by 17.1 percent to US$1,612.1 million. At the same time, he said imports are expected to fall by 31.1 percent to US$2,957.1 million, as no new FPSO is projected to be imported this year.
