British Firm Gets Nod To Market Guyana’s Crude Oil

(CMC) – The Guyana government says United Kingdom-based BB Energy Trading Limited and JE Energy Limited have won bids to market the country’s crude from the three Floating Production Storage and Offloading (FPSO) vessels.

“It’s the first time we will get a premium, said Natural Resources Minister, Vickram Bharrat.

Under the one-year contract to each company, BB Energy would pay Guyana US$0.26 cents per barrel for marketing crude from Liza Destiny, Liza Unity and Prosperity. The Guyana government said JE Energy would pay US$0.70 cents per barrel to market crude only from Liza Destiny.

“We’re very, very pleased now moving from paying marketing commission to zero in the last set of people. Now, this set is paying us a price above the international market,” said Vice President Bharrat Jagdeo.

FPSO Prosperity is set to begin pumping crude from the Payara field before the end of November 2023.

Total output from all three FPSOs is set to reach more than 600,000 barrels per day by early 2024.