Analysis of total extractive revenues
Total extractive revenues are made up of the reconciled revenues after adjustments, unilateral disclosure of payments by extractive entities and unilateral disclosure of revenues by Government Agencies as detailed below.
Analysis of total revenues – contribution by sector
The analysis of Government revenues by sector contribution indicates that the Oil and Gas sector contributed 70% of the total extractive revenues during the FY 2020. The table below shows the contribution of each sector:
The revenues from the extractive industries rose by GYD 54.6 billion in 2020 which is the compensated effect of different variations. The increase in revenues is mainly due to:
– the value of profit oil of GYD 38.6 billion received by government in 2020;
– the royalties on oil production of GYD 2,7 billion received by the MNR; and
– the increase of GYD 13,2 billion in taxes paid by EEPGL to GRA from 2019 to 2020.
Analysis of total revenues – contribution by extractive entity
The analysis of Government revenues by company indicates that five (5) Extractive entities contributed approximately 85% of the total extractive revenues during the FY 2020. Esso Exploration and Production Guyana Limited account for almost 68% of the country’s extractive revenues.
Analysis of total revenues – contribution by revenue stream
The analysis of payment flows by contribution shows that the top three payment streams represent 90% of the total extractive revenues during the FY 2020. Profit-Oil, withholding tax and royalties accounted for 41%, 25% and 15% respectively followed by Pay As You Earn accounted for 6% of the total extractive revenues.
The revenues from the extractive industries rose by GYD 54.6 billion in 2020 which is mainly coming from increase of the 3 payment flows namely:
– Profit oil of GYD 38,6 billion collected in kind by the government;
– Withholding tax that increased by GYD 9.9 billion due mainly to the increase of EEPGL’s withholding taxes which rose by 7.8 billion from 2019 to 2020;
– Royalties that increased by GYD 3.8 billion due mainly to new royalties for GYD 2.7 billion paid by EEPGL to MNR in 2020.