Guyana withdraws half of oil earnings since production began in 2019

The Government of Guyana has withdrawn half of the country’s total earnings to date from oil and gas production.

According to the 2024 third quarter report for the Natural Resource Fund, published by the Bank of Guyana, the country has so far received a total of US$5.4 billion.  Guyana began producing oil in December 2019 and received its first oil payment in March 2020.

In 2022, the government plugged US$607.6 million in oil money into the budget for the first time, followed by another US$1 billion in 2023. So far, over US$1.1 billion has been withdrawn this year.

Source: radiojamaicanewsonline.com