Guyana to get mere 30 out of 238 oil cargoes, as Exxon & partners walk away with 208 for 2022-2023 – Kaieteur News

Guyana oil barrels illustration:Shutterstock

Kaieteur News

GEORGETOWN 01 17 2023

Senior Finance Minister, Dr. Ashni Singh disclosed yesterday that between 2022 and 2023, ExxonMobil Corporation and its partners will receive 208 oil cargoes with each carrying approximately one million barrels. Over the course of that period, Guyana will only get 30.

During the presentation of the 2023 budget, Dr. Singh said there were 102 lifts of crude oil from Guyana’s oil ships, 13 of which were for Government. The remainder totalling 89 will go to ExxonMobil.

ExxonMobil FPSO Liza Destiny
ExxonMobil FPSO Liza Destiny (ExxonMobil)

For the year 2022, he also noted that the Natural Resource Fund (NRF) received US$1.1B in profit oil, that is, US$510.2 million from the 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.

Additionally, US$155.2 million was received in royalty payments from ExxonMobil subsidiary, Esso Exploration and Production Guyana Limited (EEPGL).

In keeping with the NRF Act 2021, US$607.6 million was withdrawn to finance national development priorities in the 2022 Budget.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$1.3B.

Dr. Singh was keen to note that there will be 136 lifts of profit oil from the Stabroek Block in 2023. Within this, Government is projected to have 17 lifts of profit oil from the producing ships, earning an estimated US$1.4B in profit oil and US$225.2 million in royalties in 2023.

As highlighted previously, based on 2022 deposits, an estimated US$1,002.1 million, equivalent to $208.9 billion, can and will be withdrawn from the NRF and transferred to the Consolidated Fund to support national development priorities this year.

kaieteurnewsonline 01 17 2023

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