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HomeNewsCaribbean NewsGuyana's oil revenues plummets

Guyana’s oil revenues plummets

GEORGETOWN, Guyana (NEWSROOM) – The Guyana government received over US$35 million (G$7.3 billion) for its second million barrels of oil sold to Shell Western Supply and Trading Limited, a decrease of over G$4 billion from the first shipment.

The company selected to purchase Guyana’s first three oil lifts collected its second shipment on May 21. The ministry of finance in a release on Thursday said the Natural Resource Fund credited with US$35,063,582.06 from the company.

Guyana received US$54,927,994.80 for its first lift in February.

When Shell Western Supply and Trading Limited lifted its first one million barrels in February, the oil price was at $ 55.66 per barrel. Currently, the price of Brent crude is at roughly $35.

Director of the energy department, Dr Mark Bynoe told the News Room in May that the revenue projected to come from Guyana’s petroleum resources will be significantly lower given the fluctuating oil prices.

The total holdings of the Natural Resources Fund (NRF) as at June 11, 2020, is US$94, 921,803.00 inclusive of US$4,919,505.30 for royalty payments for oil produced and sold from the Stabroek Block in the first quarter of 2020.

The Natural Resources Fund is being kept at the New York Federal Reserve Bank. 

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