Guyana earned $150B in oil revenues from January 2020 to March 2022

– gazette of revenues to NRF laid in Parliament
– as Govt continues transparency in managing oil funds

In keeping with its public assurances of transparent management of the oil and gas sector, the People’s Progressive Party/Civic (PPP/C) Government has laid a gazetted list of all revenues into the Natural Resource Fund (NRF), in the National Assembly.
According to the information tabled by Finance Minister Dr Ashni Singh, Guyana received a whopping $150 billion, or US$719.5 million, as payments for oil and royalty between the periods of January 1, 2020, and March 31, 2022.
This data, which the Natural Resource Fund Act 2021 mandates must be presented in the National Assembly, comes from the Official Gazette of Guyana and was compiled by the Bank of Guyana.
According to the data, a huge portion of the money Guyana earned from the oil and gas sector came from the sale of oil. Some $133.1 billion (US$638.2 million) was received as profit oil, while the royalty received accounts for the remaining $16.8 billion or US$81 million.
The Gazette notification covers profit oil and royalty deposits from March 2020 to February 2022. While profit oil comes from Guyana’s crude entitlements, royalties are paid on a quarterly basis.

Finance Minister, Dr Ashni Singh

It was only in April that, in keeping with his powers under the Natural Resource Fund (NRF) Act 2021, President Dr Irfaan Ali appointed five persons to the NRF Board, including Major General (retired) Joe Singh, who will chair the Board.
The others who were appointed were United Kingdom Member of Parliament (MP) with Guyanese roots, David Lammy, and Carolyn Rodrigues-Birkett, who currently serves as Guyana’s Permanent Representative to the United Nations.
Also appointed were the National Assembly nominee Dunstan Barrow, a former bauxite industry official and former MP for the People’s National Congress Reform (PNCR); and Ramesh Dookhoo, a longstanding executive of the Private Sector Commission (PSC), who was nominated by the body.
It was explained that Major General Singh had been appointed the Chairman of the Board of Directors, and he and the others are expected to take their Oaths of Office shortly.
Section 3 (1) of the NRF Act 2021, Act No 19 of 2021, which was assented to by President Ali on December 30, 2021, establishes the NRF to manage the natural resource wealth of Guyana for the present and future benefit of the people, in an effective and efficient manner, and in accordance with the principles of good governance, transparency, accountability, and international best practices, including the Santiago Principles.
Section 5 (1) of the Act provides for a Board of Directors of the Fund comprising not less than three and not more than five members, who shall be appointed by the President, inclusive of a chairperson.
In accordance with Section 5 (2), these Directors are to be selected from persons who have wide experience in legal, financial, business, or administrative matters, one of whom shall be nominated by the National Assembly and one of whom shall be a representative of the Private Sector.
The Act also provides for the appointment of two committees, one of which is the Public Accountability and Oversight Committee, which will provide non-Government oversight of the Fund and comprises various civil society representatives who will have to present a report to the National Assembly annually.
The other committee is an Investment Committee, which will have seven members, including nominees by the Attorney General, the Opposition Leader, and the Private Sector. This body will be responsible for advising the Board of Directors on its investment mandate commensurate with current conditions, opportunities, and constraints in relevant financial markets. It will be reporting directly to the Board.