The NRF receipt published in the official gazette on July 4, showed that eight profit oil payments were made for lifts executed between March 10 and May 31 of this year, but paid into the NRF between April 1 and June 30.

During the second quarter, one royalty payment amounting to USD 85.4 million was made to the NRF. This payment is for the 2025 first quarter production. The profit oil payments were made from revenues generated from the first three Floating Production Storage and Offloading (FPSO) vessels producing oil. For March, the NRF received three deposits: USD 64.7 million for profit oil from the Liza Destiny FPSO, USD 71.7 million on for-profit oil from the Prosperity FPSO and USD 74.3 million for profit oil from the Liza Unity FPSO.

For April, Guyana received two deposits: USD 66.2 million from the Prosperity FPSO and USD 63.8 million from the Liza Unity FPSO. For the month of May, the NRF received three deposits: USD 63.1 million from the Liza Destiny FPSO, USD 64.4 million from the Prosperity FPSO and USD 64.2 million from the Liza Unity FPSO.

The Ministry of Finance noted that profit oil receipts represent the Government of Guyana’s share of crude earned as profit, while royalty payments are made on a quarterly basis, 30 days after the close of each calendar quarter.

ExxonMobil Guyana Limited (EMGL) is the operator of the Stabroek block, and holds 45 per cent interest. The other block partners are Hess and CNOOC with 30 per cent and 25 per cent respectively.

The Production Sharing Agreement (PSA) governing the Stabroek block allows oil companies to recover cost of up to 75 per cent from revenues generated from oil production, this is considered cost oil, the remaining 25 per cent is considered profit oil and this is split equally between Guyana and the consortium, giving each 12.5 per cent. From their half, the consortium pays a 2 per cent royalty to Guyana and Guyana from its 14.5 per cent total take, must pay the oil companies’ taxes. (Kaieteurnews)