O&G sector contributes over $50B in taxes

• Ever since Guyana sold its first 1,000,000 (one million) barrels of crude in February 2020 for GY$11.5 billion, the petroleum industry has raked in as much as GY$440 billion; this represents GY$57 billion more than the national 2021 budget. An analysis done by OilNow shows that since 2016, the burgeoning oil-and-gas sector has contributed more than $50 billion in taxes. 
• Added to that, ExxonMobil Guyana has said that throughout 2020, the sector contributed more than GY$180.39 billion, an equivalent of US$901.95 million, to the country’s Gross Domestic Product (GDP). 
• Outside of this, oil giant ExxonMobil had said that its Guyana operations between 2015 to present has seen another GY$100.50 billion being expended on the procurement of goods and services from dozens of local businesses. 
• These economic injections are slated to increase exponentially, in keeping with the projected growth of the industry itself. As a matter of fact, a report compiled by the Inter-American Development Bank (IDB) early this year shows that earnings from Guyana’s oil-and-gas sector could reach US$31 billion (roughly G$6.7 trillion) by 2035.

 

(Source: Guyana Chronicle)