Guyana’s Natural Resource Fund (NRF) received a total of US$605,193,033 in petroleum revenues for the fourth quarter of 2024, according to a Government Notice issued this month. These revenues include profit from oil lifts and royalties from the Stabroek Block operations by ExxonMobil Guyana, the operator, and its partners Hess and CNOOC.
The largest contribution came from profit oil payments, amounting to US$520,676,056. This sum was generated from multiple lifts conducted by the Liza Unity, Liza Destiny, and Prosperity Floating Production Storage and Offloading (FPSO) vessels.
In addition to profit oil, royalties earned from production in the third quarter of 2024 added US$85,516,977 to the fund. According to the 2016 Production Sharing Agreement (PSA) governing the Stabroek Block, Guyana receives a 2% royalty of oil production. This is paid on a quarterly basis.
Moreover, the notice detailed the individual payments received over the quarter. In October, Guyana earned US$75,675,448 from a September 10th lift on the Liza Unity FPSO and US$75,706,606 from a September 27th lift on the Prosperity FPSO.
November saw US$76,154,720 from an October 7th lift from the Liza Unity FPSO, US$74,600,188 from an October 10th lift on the Liza Destiny FPSO, and US$74,280,478 from an October 30th lift on the Prosperity FPSO.
The quarter ended with US$72,856,305 from a November 7th lift on the Liza Unity FPSO and US$71,402,311 from a November 30th lift on the Liza Destiny FPSO.
Guyana’s Natural Resource Fund, was established following the passage of the Natural Resource Fund Act in 2021. The NRF was set up to ensure that earnings from the oil resources are managed transparently and used for the country’s development.
