According to Guyana’s 2024 budget, the country recorded a staggering US$1.6B in oil earnings for 2023. Revealing the details of the income for the sector on Monday was Senior Finance Minister, Dr. Ashni Singh. The economist said there were 142 lifts of crude oil in 2023 from Guyana’s three producing oil vessels, 17 of which were for government.
In providing a further disaggregation of the lifts, Minister Singh said six were from the Liza Destiny floating, production, storage and offloading (FPSO) vessel, while 11 were from the Liza Unity FPSO. Minister Singh also revealed that the profit oil receipts received in 2023 correspond to two lifts that occurred in the last quarter of 2022 and 15 government lifts that occurred in 2023. He noted that two receipts related to 2023 are anticipated to be made this month, with respect to lifts that occurred in December 2023.
As authorities await the two outstanding payments, Minister Singh said the Natural Resource Fund (NRF) closed 2023 with US$1.4Billion in profit oil. Of that amount, US$576.6 million was from Liza Destiny and US$822.3 million from Liza Unity. With respect to royalty payments, US$218.1 million was received from the Stabroek Block operator, ExxonMobil Guyana Limited.
Overall, Minister Singh said US$ 1.6 billion in petroleum revenue was deposited into the Fund. At the end of the year, the overall balance, inclusive of interest income, stood at US$ 2 billion.
