(DPI, 31.Jul.2020) — The second payment for Guyana’s oil and gas royalties has been deposited in the Natural Resources Fund (NRF) – a total of $774,721,556.68 GY (US$3,698,152.63).
Minister of Finance, Winston Jordan on Thursday confirmed that the payments were received on schedule and were deposited in the Federal Reserve Bank of New York account.
The second royalty payment will be added to the over US$90M already in the NRF.
The payments are for April, May and June’s gross oil production. Royalties are calculated monthly and paid 30 days after every quarter of the year. The countries third royalty payment is expected in October.
The Finance Minister also expressed satisfied with the transparent manner in which the monies are being transferred.
“All the citizens of Guyana can track the deposits and the amount in the account. In accordance with the law, the citizens will also be able to check the spending whenever that takes place.”
Guyana received its first royalty payment in May 2020 along with the payments for his crude shipments.