Guyana looking for new company to market its oil

The Ministry of Natural Resources is hoping to find a company to market Guyana’s share of oil produced from the prolific Stabroek Block offshore Guyana.

BP International Limited of the United Kingdom was selected last year to market the oil Guyana is entitled to from the Liza Destiny and Liza Unity floating production storage and offloading (FPSO) vessels.

The duration of that contract was for 12 months at a marketing price of US$0.00 per barrel. This procurement process was initiated after the earlier contract with Aramco Trading Limited ended.

With production at the Payara project expected to start before the end of this year, the ministry said the new company will be required to market the oil produced at all three projects (Liza I, Liza II and Payara).

“The objective of the Assignment is to competitively market and maximise the value of the Government’s crude oil entitlement from developments in the Stabroek Block and create a competitive market for the Liza, Unity Gold, and Payara Gold Blends,” the Natural Resources Ministry said in a release.

Bids will close on October 17. Interested bidders may obtain further information by email at [email protected].