Georgetown: The Ministry of Finance on Thursday said the Natural Resource Fund was credited with US$35,063,582.06 which is approximately (G$7.3B) for its second million barrels of oil sold to Shell Western Supply and Trading Limited.
“The Natural Resource Fund was yesterday credited with US$35,063,582.06. This represents payment by Shell Western Supply and Trading Limited for Guyana’s second lift,” the Ministry of Finance said Thursday. “The total holdings of the NRF as at June 11, 2020 is US$94,921,803.00.”
This is a decrease of over G$4B based on the payments from the first shipment. The company selected to purchase Guyana’s first three oil lifts collected its second shipment on May 21. Guyana received US$54,927,994.80 for its first lift in February.
When Shell Western Supply and Trading Limited lifted its first one million barrels in February, the oil price was at $ 55.66 per barrel. Currently, the price of Brent crude is at roughly $35.
Following the second lift, Guyana is expected to have 3 more lifts of 1 million barrels of oil each remaining for 2020.
The Natural Resources Fund is being kept at the New York Federal Reserve Bank and can only be accessed after a next President in sworn in based on credible elections results.
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