Guyana’s second million barrel of crude lifted

The second million-barrel of crude from the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel was lifted last Thursday onto oil tanker, Sonangol Namibe.

Payment for the crude is expected within in the first week of June.

Earlier this month, Director of the Department of Energy, Dr. Mark Bynoe confirmed that the country’s second lift would take place in the third week of May.

The country lifted its first cargo on February 19, under the entitlement regime that netted nearly $11.4Billion (US$55 M) for its approximately first 1 million barrels of oil.

This was the first of three cargoes which were sold to Shell Western Supply and Trading. The Energy Director announced that the revenue from the first sale was deposited into the Natural Resource Fund (NRF) on March 11, 2020.

Dr. Bynoe had assured that the Energy Department remains committed to guaranteeing the revenues garnered will be properly deposited noting that the department has been working with the relevant agencies to ensure this is done.

“We continue to work collaboratively with both the Bank of Guyana and the Ministry of Finance that we are not only moving towards having the requisite deposited as they ought to but that the reconciliation process is carried out to ensure that the numbers align fully with what is due to the Cooperative Republic of Guyana.”

Guyana commenced oil production in December 2019 and sold its first three cargos to Shell Western Supply and Trading Limited. (Department of Public Information)