Payment for the crude is expected within in the first week of June.
Earlier this month, Director of the Department of Energy, Dr. Mark Bynoe confirmed that the country’s second lift would take place in the third week of May.
The country lifted its first cargo on February 19, under the entitlement regime that netted nearly $11.4Billion (US$55 M) for its approximately first 1 million barrels of oil.
This was the first of three cargoes which were sold to Shell Western Supply and Trading. The Energy Director announced that the revenue from the first sale was deposited into the Natural Resource Fund (NRF) on March 11, 2020.
Dr. Bynoe had assured that the Energy Department remains committed to guaranteeing the revenues garnered will be properly deposited noting that the department has been working with the relevant agencies to ensure this is done.
“We continue to work collaboratively with both the Bank of Guyana and the Ministry of Finance that we are not only moving towards having the requisite deposited as they ought to but that the reconciliation process is carried out to ensure that the numbers align fully with what is due to the Cooperative Republic of Guyana.”
Guyana commenced oil production in December 2019 and sold its first three cargos to Shell Western Supply and Trading Limited.
In February, Guyana lifted its first one million barrels of crude in time for its 50th anniversary as a republic.
The crude was transferred onto the oil tanker Cap Philippe, which was chartered by Shell Western Supply and Trading Limited.
Dr. Bynoe explained that the one million barrels was part of the country’s profit oil allocation and did not include the two percent royalty, which would be paid on gross productions.
For 2020, Guyana is entitled to approximately five million barrels of oil plus the two per cent royalty.
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