GUYANA is expected to earn some US$1.1 billion in oil revenue this year with an expectation of eight lifts of profit oil for the remainder of 2022.

This was revealed in the Ministry of Finance’s Mid-year report for 2022 which stated that in the first half of the year, the Government received US$307 million as revenue from their share of profit oil, along with US$37.1 million in royalties.

To this end, it was stated that the cumulative balance, inclusive of interest income at the end of June 2022 was US$753.3 million, following the withdrawal of US$200 million in May 2022.

The report stated that the Government at the beginning of 2022 anticipated that it would have 13 lifts of profit oil from the Stabroek Block and this projection has not changed.

With the price of crude oil increasing following the Russian invasion of Ukraine, the report said that deposits to the Natural Resource Fund (NRF) are now projected to be 32.5 per cent higher than the US$957.6 million which was projected during the preparation of Budget 2022.

“Government is now projected to earn US$1.1 billion as revenue from the sale of our share of profit oil, and US$147.7 million in royalties in 2022, subject to the evolution of world market prices,” the report said.

It noted that during the period of January to June 2022, the Government had five lifts of profit oil from the two producing Floating Production Storage and Offloading vessels (FPSOs) Liza Destiny which saw three lifts, and Liza Unity with two lifts.