Guyana’s NRF received US$2.6B in 2024

The Guyana government has received more than US$2 billion in its share of oil revenue for 2024. Senior Finance Minister Ashni Singh during his budget presentation Friday last had stated that 225 lifts of crude oil were made from Guyana’s three producing Floating Production Storage and Offloading (FPSO). Of those lifts, Guyana received 28.

Minister Singh detailed that there were seven lifts executed from the Liza Destiny FPSO for Government, 10 from the Liza Unity FPSO and 11 from the Prosperity FPSO. The profit oil payments received in 2024 correspond to two lifts that occurred in the final quarter of 2023 and 26 of the Government lifts that occurred in 2024. It is anticipated that payments for two of the Government lifts that occurred in December will be made this month.

The Finance Minister explained however that deposits into the NRF for the year 2024 amounted to US$2.6 billion. “The Fund received US$2.2 billion in profit oil, US$557.5 million from Liza Destiny, US$869.2 million from Liza Unity and US$796.3 million from Prosperity.”

The Minister said that with respect to royalty payments, US$348 million was received from ExxonMobil, the Stabroek Block operator. Further, in keeping with the amount approved by Parliament for 2024, almost US$1.6 billion was withdrawn to finance national development priorities in Budget 2024. At the end of 2024, the balance, inclusive of interest income and net of withdrawals, stood at US$3.1 billion.