From January 2020 to April, 2022, Guyana has earned a whopping US$741M or GY$154B from the production and sale of its oil resources. According to Bank of Guyana’s monthly financial statements, $4.3B was earned in royalties for April.
Up to March 31, 2022, GY$150B or US$719.5M in royalties and profit oil was earned. Details on these earnings were presented to the National Assembly on Tuesday, in keeping with the disclosure requirements of the Natural Resource Fund Act 2021.
Of the GY$150B, $133B was received as profit from the sale of Guyana’s crude, while royalty received accounts for the remaining $16.9B
When disaggregated by year, Guyana raked in $31B in 2020, $95B for 2021, and $23B for the period of January to March 2022.
Guyana’s oil earnings are projected to increase this year with the onset of production activities at the Liza Unity Floating Production Storage and Offloading Vessel (FPSO). During this quarter, the country’s oil capacity will expand to 360,000 barrels of oil per day.
Government estimates that with the addition of the Liza Unity, deposits into the NRF for 2022 will total US$957.6 million, comprising some US$857.1 million earned profit oil, and an additional US$100.5 million from royalties.
The oil and gas sector continues to be the driver of historically high levels of growth in the Guyanese economy with real GDP projected to grow by 47.5 percent this year. (Modified from DPI)
