Payment for second lift of Guyana’s crude deposited in NRF
DPI, Guyana, Thursday, June 11, 2020
The Ministry of Finance has confirmed that payment for the second lift of Guyana’s crude has been deposited into the country’s Natural Resources Fund (NRF).
According to a release from the Ministry, the NRF was credited with approximately $7.4 Million (US$35,063,582.06) on June 10, 2020. This represents payment by Shell Western Supply and Trading Limited for Guyana’s second lift.
The Finance Ministry disclosed that the total holdings of the NRF as of June 11, 2020, is $19,866,269,579.49 (US$94,921,803.00)
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.