THE National Assembly was on Monday notified that just over US$778.6 million, which represents profit oil and royalties for the second quarter of the year, was deposited into Guyana’s Natural Resource Fund (NRF).
Sums totalling US$778,637,571.25 were deposited as a result of lifts from the Liza Destiny, Liza Unity and the Prosperity Floating Production Storage and Offloading (FPSO) vessels offshore Guyana.
A total of 10 deposits were made between the period March 29, 2024 and June 30, 2024 with the first deposit being made on April 8, 2024 to the NRF. Nine of the deposits accounted for profit oil while one was for royalty payment related to production for the first quarter of 2024.
In keeping with the provisions of Section 33(2) of the NRF Act, the Ministry of Finance laid the details of the deposits before the National Assembly on Monday.
The profit-oil receipts are from Guyana’s lifts of crude oil earned as profit, while the royalties are paid on a quarterly basis.
For the first quarter of the year (January to March), Guyana earned some US$604.3 million for the sale of oil and this was declared to the national assembly in May.