With Guyana’s third oil ship dubbed Prosperity, set to come onstream later this year at the Stabroek Block’s Payara field, the country is poised to produce 136 million barrels for 2023. This was recently revealed by Senior Finance Minister, Dr. Ashni Singh.
He said it is anticipated that Guyana will get 17 million barrels thereby earning an estimated US$1.4B in profit oil and US$225.2M in royalties in 2023. It, therefore, means the country expects to make at least US$1.6B in oil revenues which will be deposited into the Natural Resource Fund (NRF).
As highlighted previously, based on 2022 deposits, an estimated US$1B, equivalent to GY$208.9B will be withdrawn from the NRF and transferred to the Consolidated Fund to support national development priorities this year.
The Natural Resource Fund Act 2021 was passed in the National Assembly on December 29, 2021, and assented to by the President on December 30, 2021. The Act gives Bank of Guyana the responsibility for the operational management of the Fund.
To date, there has been no investment mandate for the Fund and all petroleum revenues are held as cash deposits in the Natural Resource Fund account. A revised Natural Resource Fund Act was passed in the National Assembly and assented to by the president on December 30, 2021. This revised Act assigns the responsibility for the preparation of the investment mandate to a Board of Directors, which was appointed on April 20, 2022.
