Guyana receives US$55M for first million barrels of oil

Guyana has received $11.4 Billion (US $55M) for the first lift of the country’s one million barrels of oil, which was sold to Shell Western Supply and Trading Limited in February.

Finance Minister Winston Jordon disclosed that the money has been deposited in the Natural Resources Fund. He made this disclosure on Thursday during an interview with the National Communications Network.

“The fund has US$55 million from the first one million barrels of oil,” he said, further explaining that “it will not be available to the government in this period, but it will be available to a successive government.”

The first lift was part of Guyana’s profit-sharing agreement and does not include the two per cent royalties. The country is entitled to approximately five million barrels of oil in 2020.

Guyana’s first lift of crude was transferred onto the oil tanker Cap Philippe in February, which was chartered by Shell Western Supply and Trading Limited.

Director of the Department of Energy, Dr. Mark Bynoe, who was on board the Liza Destiny at the time, witnessed the transfer and described it as a historic moment for Guyana. (Extracted and modified from DPI)