Category: Monthly Statements

22 Jul
By: MOF Communications Unit 0

Summary of Financial Position and Performance as at June 30, 2020

Contains:

  • Statement of Financial Position
  • Statement of Profit or Loss and Other Comprehensive Income

 

Summary of Financial Position and Performance as at June 30, 2020
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18 Jun
By: MOF Communications Unit 1

NRF Summary of Financial Position and Performance as at May 31, 2020

This report contains a Statement of Financial Position and Statement of Profit or Loss and Other Comprehensive Income.

 

NRF Summary of Financial Position and Performance as at May 31, 2020
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11 Jun
By: MOF Communications Unit 0

Payment for second lift deposited into NRF account

(Georgetown, June 11, 2020) – The Natural Resource Fund was yesterday credited with US$35,063,582.06. This represents payment by Shell Western Supply and Trading Limited for Guyana’s second lift.

The total holdings of the NRF as at June 11, 2020 is US$94, 921,803.00

 

-END-

  Contact: Wanita Huburn
Phone: 592 -655-9497
Email: whuburn@finance.gov.gy
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26 May
By: MOF Communications Unit 0

Royalty Statement – NRF Statement of Account – April 2020; Stabroek Block Royalty Statement Q12020

On April 30, 2020, Guyana’s Natural Resource Fund account was credited with US$4,919,505.30 – the royalty payment for oil produced and sold from the Stabroek Block in the first quarter of 2020. During this quarter, approximately 5,029,301 barrels were produced and sold from the Stabroek Block, and no crude oil produced during this period was used for fuel or transportation. As such, and in accordance with Article 15.6 of the Petroleum Agreement for the Stabroek Block, the Government of the Cooperative Republic of Guyana was entitled to two percent of this quantity. This deposit to the NRF represents the cash value of GRCG’s royalty entitlement, given GCRG’s election to receive its royalty payment in cash. Further details on the monthly breakdown of royalty payments due to GCRG can be found in the Ministry of Finance’s monthly Report on Petroleum Production and Revenues.

NRF Statement of Account – April 2020
Stabroek Block Royalty Statement Q12020
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02 Apr
By: MOF Communications Unit 1

Report on Petroleum Production and Revenues – January 2020

On December 20, 2019, Guyana became an oil producing nation. In anticipation of first oil, the Government of the Cooperative Republic of Guyana (GCRG) established, in January 2019, a sovereign wealth fund (SWF), known as the Natural Resource Fund (NRF), for the management of petroleum revenues. Following the rules set out in the NRF Act 2019 can help to safeguard against the resource curse1, as well as ensure that petroleum revenues benefit both current and future generations. In establishing the NRF, GCRG committed to managing the Fund according to the principles of good governance including transparency, and accountability, and international best practices including the Santiago Principles.2 To ensure transparency and accountability, the NRF Act 2019 requires several reports on the NRF to be published, including, but not limited to:

  1. Reports from the Public Accountability and Oversight Committee, Macroeconomic Committee and Investment Committee;
  2. Reports on withdrawals from the NRF, to be included in the annual budget proposal and, if needed, in a Supplementary Appropriation Bill;
  3. Annual reports of the NRF, including audited financial statements;
  4. Quarterly reports and financial statements of the NRF; and
  5. Monthly reports of the NRF.

These reports will allow the public to monitor deposits in, and withdrawals from, the NRF so as to ensure that petroleum revenues are being managed according to the provisions of the NRF Act 2019. However, these reports may not contain sufficient information to allow one to determine how government revenues that are deposited into the NRF are calculated. As such, the Report on Petroleum Production and Revenues (RPPR) serves to bridge this gap by providing regular updates on petroleum production and revenues. The regular publication of the RPPR will allow for greater transparency in this new sector of the economy, ensuring that the public is fully aware of the amount of petroleum being produced and revenues being generated. Such transparency is important, given the magnitude of revenues that will be generated from this resource.

Report on Petroleum Production and Revenues – January 2020
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17 Feb
By: MOF Communications Unit 5

Report on Petroleum Production and Revenues – December 2019

On December 20, 2019, Guyana became an oil producing nation. In anticipation of first oil, the Government of the Cooperative Republic of Guyana (GCRG) established, in January 2019, a sovereign wealth fund (SWF), known as the Natural Resource Fund (NRF), for the management of petroleum revenues. Following the rules set out in the NRF Act 2019 can help to safeguard against the resource curse, as well as ensure that petroleum revenues benefit both current and future generations. In establishing the NRF, GCRG committed to managing the Fund according to the principles of good governance including transparency, and accountability, and international best practices including the Santiago Principles.2 To ensure transparency and accountability, the NRF Act 2019 requires several reports on the NRF to be published, including, but not limited to:

  1. Reports from the Public Accountability and Oversight Committee, Macroeconomic
    Committee and Investment Committee;
  2. Reports on withdrawals from the NRF, to be included in the annual budget proposal
    and, if needed, in a Supplementary Appropriation Bill;
  3. Annual reports of the NRF, including audited financial statements;
  4. Quarterly reports and financial statements of the NRF; and
  5. Monthly reports of the NRF.

These reports will allow the public to monitor deposits in, and withdrawals from, the NRF so as to ensure that petroleum revenues are being managed according to the provisions of the NRF Act 2019. However, these reports may not contain sufficient information to allow one to determine how government revenues that are deposited into the NRF are calculated. As such, the Report on Petroleum Production and Revenues (RPPR) serves to bridge this gap by providing regular updates on petroleum production and revenues. The regular publication of the RPPR will allow for greater transparency in this new sector of the economy, ensuring that the public is fully aware of the amount of petroleum being produced and revenues being generated. Such transparency is important, given the magnitude of revenues that will be generated from this resource.

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Report on Petroleum Production and Revenues – December 2019
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