Guyana Received $4.9M in Oil Royalties in 1Q

Neil Marks
Tuesday, May 26, 2020

Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports.

The crude produced by an Exxon Mobil Corp-led consortium at the Stabroek's Liza field was priced for the purposes of royalty payments at $61.87 per barrel in January, $54.35 per barrel in February, and $36.79 in March, the ministry said.

Crude prices worldwide plunged throughout that period due to a drop in demand from the spread of the novel coronavirus, as well as a price war between top producers Russia and Saudi Arabia. 

(Reporting by Neil Marks Writing by Luc Cohen; Editing by Richard Chang)

Categories: Energy Offshore Energy Activity Production South America

Related Stories

Leaky Platforms: Pemex Knocked for Delayed Repairs, "Vast" Methane Leaks

Tyra II Production Successfully Restarted

Nexans Secures First Call-Off Under TenneT’s Offshore Wind Grid Deal

Current News

First Gas Export to Denmark from Tyra II Expected Today

Vattenfall to Take Part in IJmuiden Ver Offshore Wind Tender in Netherlands

Beach Energy to Let Go 30% of Workforce Amid Strategic Review

Ocean Infinity Inks Deal with Shell for Subsea Data Capture Services

Subscribe for OE Digital E‑News