Guyana expecting US$ 106M from first Liza Unity oil lift


Guyana is expected to earn some US $106 million (or GY $22 billion) from the sale of its first one million barrels of oil produced from the second oil ship operating offshore, the Liza Unity.

A release from the Ministry of Natural Resources stated that the first cargo of Guyana’s lifting entitlement was sold to ExxonMobil Sales and Supply LLC, following a competitive bidding process.

The ExxonMobil affiliate, the release stated, was the best out of the five companies that submitted bids. Importantly, Guyana will not pay the company for marketing the crude.

The forecast price for the first lift of the Unit Gold crude for Guyana is US $106 per barrel; that means that the country could generate some US $106 million if the oil is indeed sold at that price.

Further, the release noted that the lift was a “one-off” arrangement for the company as the government seeks to secure the best prices for Guyana’s oil lifts each time.

The Liza Unity, a Floating Production Storage and Offloading (FPSO) vessel is expected to reach its target production of 220,000 barrels of oil per day.

This oil ship is being used in Guyana’s second offshore oil development in the prolific Stabroek Block – the Liza Phase 2 development.

From Liza Phase 1, where the Liza Destiny FPSO is operating, more than US $600 million (or more than GY $125 billion) has already been earned. Through the country’s first lift this year, from the Liza Destiny, Guyana secured US$95 million (or GY$19.8 billion) from the sale of its one million barrels of oil.

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