Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

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OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel is in a waiting area ahead of lifting the crude from the Liza Destiny FPSO.

Guyana lifted its first million-barrel entitlement back in February under a contract with Shell Western Supply and Trading Limited. This weekend’s lift will represent the final shipment under the existing contract between the government and Shell.

The Department of Energy said in June it was one step closer to hiring a firm to market Guyana’s share of Liza Crude on a long-term basis. Nineteen companies, including Shell, were shortlisted. One is expected to be appointed soon on a 12-month contractual basis.

Guyana’s first million-barrel oil cargo was sold at around US$55 per barrel and the second lift at approximately US$35 per barrel. Together with royalty from oil produced and sold to date, the total deposited so far in the Natural Resources Fund account amounts to almost US$100 million, plus interest.

Oil production began in Guyana in December 2019.

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