Georgetown: Guyana lifted its second million-barrel of crude from the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel and payment for this shipment is expected within in the first week of June.
Government cannot access monies deposited in the Natural Resources Fund (NRF), held in the New York Federal Reserve Bank, as such, any spending from the special account requires prior approval from Parliament.
However, there is currently no functioning Parliament in Guyana, since the 11th Sitting of the National Assembly (Parliament), has been dissolved in order to pave way for the recently held elections.
Another Parliament will not be put in session until after a President is sworn in and a new Government put in place.
The lift concluded on Thursday, May 21, 2020, with the crude cargo being transferred to oil tanker, Sonangol Namibe, a Bahamas flag carrier.
Guyana sold its first million barrels of oil on February 19, 2020, raking in nearly US$55M. This was the first of three cargoes that were contracted to Shell Western Supply and Trading.
Meanwhile, coming from its first quarter gross production, the country received US$4.9M in royalties— now deposited into the Natural Resource Fund (NRF).
Despite the global crisis which has posed delays in oil and gas operations, the projection that Guyana is entitled to five cargoes for this year has not changed. This means that after Shell would have received its three cargoes by July, the country can market its crude to another company/location.
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