Saturday, September 30, 2023

Guyana set to receive biggest pay yet for export of Liza Crude this week

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OilNOW is an online-based Information and Resource Centre

Guyana is lifting another tanker load of oil this week, representing the country’s share of production from the Liza Phase 1 Development. This comes at a time when Brent is trading around $75 a barrel, the highest it has ever reached since oil production began in the South American country in December 2019.

The country’s earnings from this export, its 3rd so far for this year, is expected to be over US$70 million. When added to the US$344.155 million currently in the Natural Resources Fund, total revenue will exceed US$400 million.

OilNOW understands the Greece-flagged oil tanker Militos has already arrived in Guyana waters to lift the 1-million-barrel oil cargo.

Reuters reported on Tuesday that Indian Oil Corp. is purchasing the cargo, representing it’s first tanker load of Guyanese oil.

Guyana is expected to see revenues from royalties and the sale of its Liza Crude surpassing the US$500 million mark by the end of the year.

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