During the period January to June 2022, the government reported that it received five lifts of profit oil from the two producing vessels, Liza Destiny and Liza Unity. For the sale of those lifts totalling five million barrels, the State received US$307M as revenue. It also earned US$37.1M in royalties from ExxonMobil Corporation affiliate and Stabroek Block operator, Esso Exploration and Production Guyana Limited (EEPGL).
The cumulative balance, inclusive of interest income, at the end of June, was US$753.3M, after a withdrawal of US$200M in the month of May.
At the beginning of the year, the administration had said it was anticipated that Government would have 13 lifts of profit oil from the Stabroek Block. This is unchanged. However, with the price of crude oil ballooning after the Russian invasion of Ukraine, Natural Resource Fund deposits are now projected to be 32.5 percent higher than the US$957.6 million projected at the time of preparing Budget 2022.
The government said is now projected to earn US$1.1 billion as revenue from the sale of its share of profit oil, and US$147.7 million in royalties in 2022, subject to the evolution of world market prices.
The foregoing was outlined in the government’s mid-year report.
