Guyana’s Ministry of Natural Resources said Thursday that the next contractor to market its entitlement of crude from the ExxonMobil-operated Stabroek Block will be taking over in the fourth quarter of 2022 for a period of one year.
The marketers’ responsibilities will include making appropriate transportation arrangements and providing support to Guyana in all operating and back-office responsibilities related to managing crude sales while facilitating timely and cost-efficient crude oil operations.
The Ministry said the marketer must support the continued introduction of the crude grade to multiple geographies and refinery systems and provide benchmark performance comparisons of prices paid for the crude. The marketer must support the continued introduction of the crude grade to multiple geographies and refinery systems. This will include providing benchmark performance comparisons of prices paid for the crude.
Guyana is determined to buttress its own understanding of the processes related to crude marketing. In this regard, it requires the marketer to work closely with its officials in understanding the behaviour and yields of the Liza blend and how these affect pricing differentials. It also requires support with marketing information related to the demand, supply, pricing and trade in the oil market and crude oil trading capacity, and in understanding for any operational considerations that may affect the price of crude.
Interested parties are expected to be highly qualified. The Ministry’s established criteria includes at least 10 years of experience in crude marketing and trading.
The marketer will be responsible for the marketing of lifts from the Liza Phase 1 and 2 projects, taking over from Aramco Trading Limited.
Liza Phase 1 has the capacity to produce around 140,000 barrels of oil per day; it would offload crude every 7-9 days at this rate. Phase 2 can produce approximately 220,000 barrels per day, and typically offloads every 4-6 days.