Wednesday, November 30, 2022

Guyana to rake in around US$106M for first lift of Unity Gold

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As Guyana prepares to receive its first entitlement lift of Unity Gold from the Liza Phase Two development, government expects about US$106 million to be deposited into the Natural Resource Fund from its sale.

“The usual lifting entitlement amount of one million barrels of oil (1MMBBls) will be loaded onto the vessel MV DIMITRIOS by the terminal operator,” the Ministry of Natural Resources said.

The lift from the Liza Unity floating production, storage and offloading (FPSO) vessel is expected during the period April 23-24.

ExxonMobil Sales and Supply LLC, an ExxonMobil affiliate, won the purchase award through a competitive bidding process by five companies, government said, which included the Stabroek Block co-venturers.

“The ExxonMobil affiliate bid was the best on the pricing differential for the crude and this lift will incur no marketing fee by the lifter,” the Ministry of Natural Resources said, adding, “this lift is a one-off arrangement for the company.”

The government said it will be working to get Guyana the best price for each cargo it collects from both the Liza and Unity Gold crudes.

‘Unity Gold’ lighter and sweeter than other carbon-intensive blends in Latin America – Platts

Receiving its first lift from the Liza Phase Two project is significant for Guyana for many reasons, including that Hess officials have dubbed the project as arguably the best in the industry, mainly due to its extremely competitive breakeven of US$25 a barrel.

With first oil achieved at the Liza Unity in February, Guyana projected in its 2022 budget that it would receive some US$957 million in oil revenues this year. But with skyrocketing oil prices due to Russia’s invasion of Ukraine, that total is likely go much higher.

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