was required to pay to the Guyana Revenue Authority GRA about US$2.4 billion in income tax for the three oil companies operating in the Stabroek Block. Guyana shouldering ExxonMobil Guyana Limited EMGL Hess Guyana Exploration Limited, and CNOOC Petroleum Guyana Limited’s tax burden is in accordance with the 2016 Production Sharing Agreement PSA governing the Stabroek Block operation. Currently, oil is only being produced from the Stabroek Block which is estimated to hold 11.6 billion barrels of oil. EMGL is the operator of that block with a 45 per cent interest, while Hess Guyana holds 30 per cent and CNOOC Petroleum Guyana Limited holds 25 percent. The NRF Act states that petroleum revenues, which include oil sales and royalties, shall be directly paid into a bank account denominated in US dollars and held by the US Federal Reserve Bank in New York. For 2024 the NRF received US$2.57 billion or GYD$536 billion. On Sunday June 29, in an article titled Guyana paid over $500B in taxes for Exxon and partners in 2024,” it was reported that according to the oil companies’ financial statements for 2024 obtained from the deeds registry, it was revealed that Guyana had to pay $260 billion in taxes for Exxon, $219 billion in taxes for Hess, and $23 billion for CNOOC a total of GYD $502 billion or US$2.4 billion. For 2024 EMGL recorded an operating profit before taxation of $1.255 trillion. The company reported a tax expense of $260 billion and a total comprehensive income of $995.1 billion. (Kaieteur News)