Delivering the 2023 budget yesterday, Finance Minister Dr Ashni Singh said that 102 million barrels of oil were lifted from this country’s offshore wells and Guyana got 13 million barrels of this figure as its profit based on the 2016 Production Sharing Agreement with Esso Exploration and Production Guyana Limited (EEPGL).
“Mr. Speaker, in 2022 there were 102 lifts of crude oil from Guyana’s FPSOs (Floating Production, Storage and Offloading) platforms, 13 of which were for Government. For the year 2022, the Fund received US$1,099.1 million in profit oil, US$510.2 million from Liza Destiny and US$588.9 million from Liza Unity. The profit oil receipts received in 2022 correspond to 11 Government lifts, as the remaining two will be received this month”, he said.
Additionally, Singh said that US$155.2 million was received in royalty payments from the only producing operator – EEPGL. In keeping with the Natural Resource Fund Act 2021, US$607.6 million was withdrawn to finance national development priorities in the 2022 Budget. At the end of 2022, the overall balance in the Fund, inclusive of interest income and after transfers to the budget, amounted to US$1,271.8 million, he said.
