Senior Finance Minister, Dr Ashni Singh today presented notification receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period April 2022 to June 2022.
The documents note that Guyana received $4.3B for royalty due for the first quarter of 2022; $21.3B for the payment of profit oil earned from the Liza Unity vessel and executed on April 25, 2022; and $22.6B in profit oil payments from the Liza Destiny FPSO executed on May 3,2022 all of which total $48.2B.
The foregoing was published in the Official Gazette on July 18, 2022.
Minister Singh said the foregoing reaffirms the PPPC Government’s commitment to greater accountability and transparency in the management of Guyana’s oil resources.
He recalled that the NRF Act 2021, came into operation on January 1, 2022, replacing the illegitimate APNU/AFC NRF Act 2019.
One of the key amendments to the legislation is that the Finance Minister could face up to 10 years imprisonment if he fails to disclose the receipt of any petroleum revenue received by the Government in the Official Gazette within three months of receipt of such monies.
The International Monetary Fund (IMF), which recently concluded the 2022 Article IV mission to Guyana in May-June of this year, commended the PPP/C Government on the amendments made to the NRF Act. Its concluding statement highlighted that recent amendments to the 2019 Natural Resource Fund Act set clear ceilings on withdrawals from the fund for budgetary spending and promote transparency in the management and use of oil resources.
IMF Staff also praised the authorities’ restraint in using any oil revenues before the passage of the amendments.
