Guyana to establish oil fund

Guyana

GEORGETOWN, August 17, 2018 – With the help of international banks, Guyana will establish a sovereign wealth fund by the end of the year to manage expected revenues from oil and gas activities, international media reported Thursday.

The World Bank, IMF and Inter-American Development Bank will all be involved in setting up Guyana’s sovereign wealth fund, which is intended to contribute to economic stabilisation and development as the country begins exploiting its hydrocarbons resources.

The government projects that revenues from oil and gas activities will initially amount to around USD 375 million per year.

ExxonMobil expects to begin production from Guyana’s Stabroek block in 2020. The super-major has made eight discoveries in the block since 2015, the most recent of which occurred in June, allowing it to raise recoverable resource estimates to 4 billion boe.

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