Page 10 - LatAmOil Week 02 2023

LatAmOil GUYANA LatAmOil

The funds withdrawn amounted to
GYD43,294,310,000 ($207.275mn) and brought
the fund’s balance down to GYD297,387,552,000
($1.38bn) as of the end of the year.
Guyana’s government had previously pro-
jected that the country would see revenues
from crude exports reach $1.247bn for the full
year of 2022. This would bring the country’s
total oil earnings since the start of production at
the Liza-1 field in December 2019 up to nearly
$1.855bn. Its estimate now appears to have been
too modest, although some of the gap may be
the result of reserve rate fluctuations.
Since Guyana made its first deposit in the The NRF’s balance is held by the BoG (Photo: Bank of Guyana)
NRF, it has used more than $600bn in oil rev-
enues to support budget spending, making section of Stabroek on stream in late 2023, fol-
three withdrawals from the fund in tranches of lowed by Yellowtail in 2024 and Uaru in 2026.
slightly more than $200mn each. OilNOW.gy Under the terms of its production-sharing
has predicted that the South American country’s agreement (PSA), it must turn over 50% of all
government may take about $1bn more out of the crude it extracts from Stabroek to the Guya-
the NRF in 2023. nese government. Georgetown sells its share of
All of the money flowing into the sovereign production via a marketing agent.
wealth fund originates from exports of crude The NRF was officially established under the
extracted from the Liza-1 and Liza-2 sections of mandate of a law passed by Guyana’s Parliament
Stabroek, an offshore block operated by a sub- and signed by President Irfaan Ali in December
sidiary of ExxonMobil (US). These two sites are 2021. Prior to that date, Guyana’s oil revenues
currently Guyana’s only producing oilfields. had been held in a special account by the US
ExxonMobil is on track to bring the Payara Federal Reserve Bank of New York. ™

SURINAME
APA details work with Suriname to prepare

for offshore oil spill response operations

US-BASED APA Corp. said in its newly released
2022 Sustainability Report that it was taking
steps to help Suriname prepare to reduce the
risk of oil spills once the country’s offshore fields
begin production.
According to the report, APA, which holds
a 50% non-operating stake in Block 58 offshore
Suriname, seeks to “maintain our proactive
approach toward oil spill prevention through
preparation, planning and training with key
stakeholders.”
In practice, the company said, this approach
has involved working with Suriname’s govern-
ment to develop a National Oil Spill Contin-
gency Plan, as well as making subject-matter
experts (SMEs) available to industry partners
to train and educate employees of government Equity in Block 58 is split 50:50 between APA and TotalEnergies (Image: APA)
agencies.
APA has also been involved in evaluating equipment in multiple locations in the region –
providers of oil spill response equipment and including but not limited to the port of Paramar-
signing contracts with such providers for spe- ibo, Suriname’s capital city, and the APA Shore
cific types of equipment, based on the location Base in Chaguaramas, Trinidad and Tobago – to
of its operations, the report said. Addition- facilitate rapid response operations in the event
ally, it has been responsible for pre-staging of an oil spill.

P10 www. NEWSBASE .com Week 02 11•January•2023