The government has confirmed that a payment of over US$79 million was received into the Natural Resources Fund (NRF) account for Guyana’s seventh oil lift.
In a statement, the Ministry of Natural Resources announced that on July 3, 2021, a total of 1,047,820 barrels of oil, with a value of US$79,617,561.87, was lifted from Liza Destiny FPSO offshore Guyana.
The last 1 million barrels of oil was lifted by the Indian Oil Corporation in July. Guyana learnt of the development through a Tweet from the High Commission of India despite the government’s continued promises of transparency in its management of the sector.
This newspaper had reported over a week ago that using Brent crude oil estimates, the country received a little more than US$79 per barrel on the last million barrels lift.
Government has been largely silent on the oil sales and the arrangement for this country’s profit share as per the agreement it has with ExxonMobil and partners for the Liza-1 development in the Stabroek Block.
Meanwhile the ministry added that to date, a total of 7,056,262 barrels of oil have earned US$388,777,840.1. The figure did not include royalties and interest, which would put the total in the account at the New York Federal Reserve Bank at over US$436 million.
