Tag Archives: NRF withdrawal for Budget 2022

GUYANA: Oil revenue to more than triple in 2022 to almost US$1 billion

OilNow – January 31, 2022

Authorities in Guyana have projected that the country will receive close to US$1 billion in oil revenue this year, representing more than three times what it has earned per annum to date from the Liza Phase 1 Development.

During his reading of Guyana’s 2022 national budget on Wednesday, Senior Minister in the Office of the President with responsibility for Finance Dr. Ashni  – Singh said, “It is estimated that deposits into the [Natural Resource Fund] NRF for 2022 will total US$957.6 million, comprising some US$857.1 million earned from the government lifts of profit oil, and an additional US$100.5 million from royalties.”

For Guyana, this level of revenue from any sector is a gamechanger. To put that into perspective, when Dr. Singh proposed the 2021 budget about this time last year, he announced that it would cost the equivalent of US$1.8 billion.          Continue reading

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