Minister of Natural Resources, Raphael Trotman, says the Government of Guyana is still examining options available for marketing its share of oil and this is being studied by a high-level team put together by President David Granger.
The South American country will begin to receive its share of oil from day one of production, which in the initial period will amount to around 17,100 barrels per day, inclusive of profit oil and royalty.
OilNOW asked Mr. Trotman who will be selling this oil for Guyana when production gets underway in 2020. “That decision has not yet been made. As you know the President has appointed a quintet of Ministers…that is a decision we are going to make. Do we ask Exxon to trade it for us or do we set up, as some countries have done, our own national oil company and do our own trading of our oil…that decision will soon be made,” he said.
The plan for establishing a National Oil Company in Guyana is progressing and is set to be a priority in 2018.
From its share of oil when production begins, and based on the current market price for the commodity, Guyana would earn close to one million US dollars per day in revenue in the initial period of the Liza Phase-1 project.