Guyana earns $80 million from August Oil sale

Guyana’s Natural Resource Fund (NRF), responsible for managing the country’s offshore oil revenue, received around US$80 million in August 2024 from the sale of approximately one million barrels of crude oil.

This marked the 16th oil shipment by the government in 2024, bringing total revenue to around US$1.32 billion for the year. The government expects to generate nearly US$1 billion more in the last four months of 2024 from 11 additional oil shipments. By year-end, it projects over US$2.2 billion in oil revenue from a total of 27 shipments, reflecting Guyana’s share of oil production for the year.

Although there were no royalty payments in August, the government has already received three quarterly royalty payments in 2024. A total of US$353.8 million in royalties is projected for the year, with the final payment of approximately US$90 million expected in October.

As of August 2024, the NRF had withdrawn US$850 million, with an additional US$736 million planned to be withdrawn by the end of the year. The fund’s balance stood at just over US$2.9 billion in August 2024.

All oil revenues stem from production in the Stabroek Block, where ExxonMobil holds a 45 percent stake, while Hess owns 30 percent, and CNOOC holds 25 percent.