Guyana’s first royalty payment deposited

DPI, Guyana, Friday, May 1, 2020

Minister of Finance, the Honourable Winston Jordan has confirmed that the first royalty payment for Guyana’s crude has been deposited into the country’s Natural Resources Fund (NRF).

This payment is for the oil produced from Guyana’s Liza Phase 1 Development for January, February and March.

The sum of GY$1,040,815,123.60 (US$4.9M) was deposited into the account held at the Federal Reserve Bank of New York. The next deposit is expected to be made at the end of July.

This is in addition to the money the country received from the sale of crude to Shell Western Supply and Trading Limited.

In addition to the two percent royalty being paid, the country also receives 50 percent profit oil. Guyana also stands to benefit from direct and indirect benefits through employment creation and other revenue-generated income from the oil and gas industry.

The country is entitled to approximately five million barrels of oil this year as part of its profit share from production at the Liza Phase 1 Development. Guyana’s first three lifts were sold to Shell Western Supply and Trading Limited.

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