THE floating production storage and offloading vessel – FPSO Liza Destiny – is set to arrive in Guyana on September 18. Dr. Mark Bynoe, Director of the Department of Energy, has spoken candidly during a business forum on Friday in an effort to clarify ‘inaccurate reporting’.

“We read in the newspapers Exxon FPSO sails. It is not Exxon’s FPSO, this FPSO belongs to you and me [Guyanese]. The reason I’m saying this without fear of contradiction is [because] under the contract we are paying a hundred per cent recoverable cost,”
Dr. Bynoe explained that the FPSO will be used by US oil giant – ExxonMobil, for the production and processing of hydrocarbons, and the storage of oil.

He urged businesses to get ready and be more involved. “What we do not want is a small multiplicity of yardsticks laid down and we are unable to meet the demands that are coming from the sector… Consolidating is important. We have got to learn how to work together again,” he urged. Dr. Bynoe said that only this way can businesses level the proverbial playing field.

The Department of Energy (DoE) Director said the government is taking a minimalist approach, working with entities that have a dedicated mandate. “So that we can help to strengthen them… The idea is for us to use the resources and not squander it.”

In this regard, Dr. Bynoe highlighted the government’s Sovereign Wealth Fund (SWF), which was assented to on January 23, 2019, by His Excellency, President David Granger. Through the SWF, the government will save a percentage of petroleum revenues for future investment purposes that will benefit both the country and citizens.

The Liza Destiny FPSO departed Singapore on Thursday, July 18. It should arrive in Guyana in September, and in a few months after that, oil production will begin at the giant Liza field in the Stabroek Block. The first set of oil production in Guyana is expected next year. (DPI)