Guyana total oil revenues set to surpass US$340 million - Panorama Insurance Brokers

Guyana total oil revenues set to surpass US$340 million

When the proceeds received by Guyana for the first quarter of 2021 from oil produced and sold at the offshore Liza Phase 1 Development are added to the amount currently in the Natural Resources Fund, this is expected to see total revenue exceeding US$340 million, since production began in December 2019.

OilNOW understands that in the first quarter of this year, royalties amounted to almost US$14 million. Oil was trading at just over US$60/barrel when the country exported its 6th million-barrel cargo this month, paving the way for revenues of around US$60 million from that lift. This added to the previous total of US$267,668, 709 in the fund representing oil sales and royalties, would bring the new total to just over US$341 million.

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