By NAN Business Editor
News Americas, NEW YORK, NY, Tues. May 17: Guyana has so far earned exactly US$719,525,975.5 from its new found oil wealth.
That’s according to data published in the Official Gazette of Guyana and tabled in the National Assembly today, following the passage of the Natural Resource Fund Act 2021.
The money represents payments for the lift of profit oil and royalty for the period January 1, 2020 to March 31, 2022. A huge portion of the money Guyana earned from the oil and gas sector came from the sale of oil.
Some US $638, 250, 551.76 was received as profit from the sale of Guyana’s crude, while royalty received accounts for the remaining US $81, 005, 423.75.
Guyana turned an oil and gas giant following the discovery of quality oil-bearing sandstone reservoirs and its subsequent extraction of its first one million barrels of oil in February 2020.