19 companies shortlisted for contract to market Guyana’s oil

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A total of 19 companies have been shortlisted for the contract to market Guyana’s next five million barrels of oil; the first three million barrels were sold to Shell, of which two million barrels have already been lifted.

The government intends to hire an oil marketing and trading company this year to handle the marketing services of Guyana’s entitlement from the Liza Destiny FPSO Vessel, the first oil production ship offshore Guyana. The contract is expected to last for one year.

As part of the process, the Department of Energy issued an invitation for Expression of Interest in February 2020. Thirty-four companies replied with an Expression of Interest.

The Department of Energy said a five member Evaluation Committee was formed tasked with producing a Shortlist of Companies, after a detailed check of each Firm’s Expression of Interest for general and technical data in relation to qualifications and experience pertinent to the assignment at hand, and as was required to be submitted in the request for Expression of Interest.

“This activity has now been completed successfully and the Shortlist of Companies, 19 in total, will progress at the next phase of the procurement process and exclusively and at the same time, receive the Request for Proposal (RFP),” the Department of Energy stated.

The Department said it is looking forward to successfully appointing a marketing partner.

Recently, it was reported that Guyana received over US$35M (G$7.3B) for its second million barrels of oil sold to Shell Western Supply and Trading Limited. The company selected to purchase Guyana’s first three oil lifts collected its second shipment on May 21.

Guyana received US$54,927,994.80 for its first lift in February.

The total holdings of the Natural Resources Fund (NRF) as at June 11, 2020, is US$94, 921,803.00 inclusive of US$4,919,505.30 for royalty payments for oil produced and sold from the Stabroek Block in the first quarter of 2020.

The Natural Resources Fund is being kept at the New York Federal Reserve Bank.

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