Guyana receives royalty payments for gas and oil

Guyana receives royalty payments for gas and oil

Friday, July 31, 2020

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GEORGETOWN, Guyana (CMC)— The Guyana government today said it has received US$3.6 million as part of the second payment for the country's oil and gas royalties, which has now been deposited in the Natural Resources Fund (NRF).

Finance Minister Winston Jordan said the payments were received on schedule and were deposited in the Federal Reserve Bank of New York account.

The second royalty payment will be added to the over US$90 million already in the NRF, he said, indicating that the payments are for April, May and June's gross oil production.

Royalties are calculated monthly and paid 30 days after every quarter of the year. The country's third royalty payment is expected in October and Jordan expressed satisfaction with the “transparent manner” in which the monies are being transferred.

“All the citizens of Guyana can track the deposits and the amount in the account. In accordance with the law, the citizens will also be able to check the spending whenever that takes place,” he added.

Guyana, which is emerging as a major energy supplier following the discovery of several gas and oil wells, received its first royalty payment in May 2020 along with the payments for his crude shipments.


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