Senior Minister with responsibility for Finance, Dr. Ashni Singh revealed on Thursday in the National Assembly that Guyana earned $126 billion from the sale of its oil during the first quarter of 2023.
Breaking down the figure provided, he said the $126 billion encompasses revenues from profit oil, inclusive of a $13.2 billion payment for royalties during the period January 01, 2024 to March 28, 2024. Notably, seven payments for lifts of profit oil were received during this timeframe, with some dating back to the previous year.
Further, Minister Singh indicated that the disclosure of these petroleum revenues, as mandated by the Natural Resource Fund Act, signifies his government’s commitment to transparency and accountability in the management of Guyana’s oil resources. The Act, passed in the National Assembly on December 29, 2021, represents a pivotal step towards ensuring responsible stewardship of the nation’s wealth derived from oil.
In addition to the revenues received in January and February 2024, several significant payments were made into the Natural Resource Fund for lifts from previous months totalling over $64 billion, further bolstering the country’s financial reserves. These deposits underscore the substantial impact of oil production on Guyana’s economic landscape.
