Monday, September 25, 2023

Guyana exports final oil cargo for 2021; 9 million barrels sold to date

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The government of Guyana has sold its final one-million-barrel oil cargo for this year, bringing the exports representing the country’s share of Liza Crude to five million barrels for 2021 and 9 million in total since oil production began in December 2019.

OilNOW understands the offloading of the one million barrels of oil was completed last week.

Brent oil price was hovering around $80 during the week but plunged to $73.52 on Friday on fears of a rapidly spreading, new COVID-19 variant announced the day prior by the health minister of South Africa, representing the biggest single-day drop of the year.

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As of October 31, 2021, Guyana’s Natural Resources Fund (NRF) grew to US$534 million. With the final lift for this year completed, Guyana will have over US$600 million (GY$124 billion) in oil revenue as it enters 2022.

To date, there has been no investment mandate for the NRF account which is held at the Federal Reserve Bank of New York since the government has publicly disclosed its intentions to let the funds remain untouched until a series of reforms are enacted.

With the arrival of Guyana’s second floating production storage and offloading vessel (FPSO) and start of oil production by early 2022, at peak 220,000 barrels of oil per day (bpd) will be added to the already producing Liza Phase 1 project – 120,000 bpd – taking total output to around 340,000 bpd.

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“Come next year, 2022, we are expecting to see the amount of lifts, the amount of economic activities and the amount of revenues coming to Guyana…more than double,” Senior Petroleum Coordinator at the Ministry of Natural Resources, Bobby Gossai Jr., told members of Guyanese diaspora in October.

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