Guyana received US$225 million for oil exports in February

Guyana’s Natural Resource Fund (NRF) received approximately US$225 million (GY$46.9 billion) in February.

The payments represent Guyana’s share of oil sales.

The NRF also made interest income of GY$2.05 billion (approximately US$9.8 million).

The next quarterly payment of royalties is expected in April. These royalties, which come from the co-venturers in the Stabroek Block, represent 2% of the value of the crude produced and sold.

Guyana expects US$319.91 million in royalties this year and total deposits of US$2.08 billion from oil sales in 2024.

As of February 29, 2024, the Fund closed with approximately US$2.36 billion (GY$491 billion). Revenues from the Fund will take care of 29% of the Guyana government’s budgeted expenses for 2024.

The government and ExxonMobil expect annual inflows to the oil fund to increase dramatically over the next few years.

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