Friday, September 29, 2023

Guyana receives US$79.6M for seventh oil lift

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OilNOW is an online-based Information and Resource Centre

The Government of Guyana through the Ministry of Natural Resources on Monday announced that the country received close to US$80M for the nation’s seventh oil lift. The proceeds have been deposited in the Natural Resources Fund account.

Expounding on this front, the government said on July 3, 2021, 1,047,820 barrels of oil were lifted from Liza Destiny with a value of US$79,617,561.87, with a grand total to date of 7,056,262 barrels of oil which earned US$388,777,840.1. (See table below of lifts and earnings.)

The government said as it manages the nation’s patrimony to the benefit of all Guyanese, it remains committed to providing updates on oil lifts and sales as may be necessary to ensure that all stakeholders and members of the public are informed.

OilNOW had reported that Guyana’s most recent sale of 1 million barrels of Liza crude was executed with Indian Oil Corporation Ltd. (IOC) and was hailed by Natural Resources Minister, Vickram Bharrat as the country’s “sweetest deal to date”. He said this would be the highest sale made to date of the seven lifts since no marketer’s fee was paid this time around.

It was also reported that IOC is the first Indian state refiner to buy Guyana’s oil. Private refiner HPCL-Mittal Energy Ltd, a joint venture between state-run Hindustan Petroleum Corp and steel tycoon L.N. Mittal, had bought a million barrels of Liza grade in March.

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