Bank of Guyana recently disclosed that the closing balance for the nation’s National Resource Fund (NRF) at the end of January 2023 was a whopping GY$ 311.1 B or US$1.5B.
The financial institution said funds for two lifts of profit oil totalling US$82,612,294.01 and US$75,074,493.46 which occurred in late 2022 were received on January 3 and 23, respectively and are therefore included in the final balance.
Of significance is that the interest earned on the fund has now reached GY$1B.
To date, there has been no investment mandate for the Fund and all petroleum revenues are held as cash deposits in the NRF account.
Guyana’s oil revenues are also set to see a considerable boost with the commencement of operations at the Prosperity vessel in late 2023. That ship will be the nation’s third floating, production, storage and offloading (FPSO) vessel. Along with the Liza Destiny and Liza Unity FPSOs, Guyana’s oil production is estimated to jump to nearly 600,000 barrels with all vessels in production mode.
Local authorities estimate that the country will rake in at least $1.63B in earnings this year.
