Page 10 - LatAmOil Week 41 2022

LatAmOil GUYANA LatAmOil

Guyana has already been highly active in the project, which is scheduled to come on stream
renewable energy space. It is working on install- in 2024.
ing 33 MW of solar generating capacity over the This project envisions the construction of a
next five years, thereby providing 27,000 addi- pipeline to bring associated gas from the coun-
tional households with clean energy, and aims to try’s subsea oilfields to shore, where they can
have 70% of its energy supplied through a mix of be used to fire a 300-MW thermal power plant
renewables and fossil fuels by 2030. (TPP). It is expected to help Guyanese house-
Meanwhile, it has reached an advanced holds save up to GYD27bn ($129.34mn) on
stage in planning for the Gas-to-Energy (GTE) energy costs. ™

Bank of Guyana says NRF’s

balance has topped $1bn

THE Bank of Guyana (BoG) stated earlier this As of the end of August, the NRF’s bal-
week that the country’s Natural Resource Fund ance had amounted to GYD198,064,374,000
(NRF) had reported a balance equivalent to ($948,830,949). Deposits of oil earnings
more than $1bn as of the end of the third quar- into the fund in the month of August hit
ter of 2023. GYD21,380,376,000 ($102,423,076), while
In a statement, the bank said that the earnings from accumulated interest were
sovereign wealth fund’s balance amounted GYD374,687,000 ($1,794,945) and royalties
to GYD219,178,291,000 ($1,049,977,548) remained at zero.
as of September 30, 2022. It also noted All of the money flowing into the sovereign
that the government had deposited some wealth fund originates from exports of crude
GYD20,675,096,000 ($99,044,420) in oil export extracted from the Liza-1 and Liza-2 sections of
earnings in the NRF in September. Earn- Stabroek, an offshore block operated by a sub-
ings from accumulated interest had reached sidiary of ExxonMobil (US).
GYD438,821,000 ($2,102,180), it added, while These two sites are currently Guyana’s only
royalties stood at zero. producing oilfields. ExxonMobil is aiming to
Guyana’s government did not make any bring the Payara section of Stabroek on stream
withdrawals from the NRF in September, it in 2023, followed by Yellowtail in 2024 and Uaru
continued. in 2026.
Thus far, Georgetown has earned more The NRF was officially established under the
than $1.4bn from crude exports since it began mandate of a law passed by Guyana’s parliament
extracting oil from the Liza-1 field in December and signed by President Irfaan Ali last Decem-
2019. Since it made its first deposit in the NRF, it ber. Prior to that date, Guyana’s oil revenues had
has made only two withdrawals of two tranches been held in a special account by the US Federal
of $200mn each. Reserve Bank of New York. ™

All of the funds deposited in the NRF derive from Liza-1 and Liza-2 oil exports (Image: Hess)

P10 www. NEWSBASE .com Week 41 12•October•2022