US $1B earned by Guyana from oil sales in 2022

Guyana, the country has earned US $1.099 billion from its sale with 102 lifts of one million barrels of crude oil from the floating production storage and offloading (FPSO) vessels offshore.

Finance Minister, Dr Ashni Singh, made the disclosure during the presentation of Budget 2023 themed “Improving Lives Today, Building Prosperity for Tomorrow.”

The Liza Destiny earned some US $510.2 million, while the Liza Unity accounted for the remaining US $588.9 million.

In addition to Guyana’s share from the sale of crude, it received US$155.2 million in royalty payments.

From the commencement of oil production in December 2019 to the end of 2021, there were 69 lifts of oil exported from Guyana, of which 9 were for the Government.

In 2022, 13 of the 102 oil lifts exported from Guyana belonged to the Government of Guyana.

This ensured that the cumulative balance in the Natural Resources Fund (NRF) at the end of 2022 stood at US $1,271,800,000.

This displays a 52.2 per cent increase when compared to the balance of the Fund as of the end of 2021.

Minister Singh also announced the main elements of a new fiscal framework, which will form the basis of a draft of the Production Sharing Agreement (PSA) to be released next month.

The PSAs, signed by the government and the resource extractors, determine how much of the extracted resources each entity will receive.