Dr. Jagdeo says

GENERAL Secretary of the People’s Progressive Party (PPP), Dr. Bharrat Jagdeo, has announced that Guyana has secured 25 bids for the marketing of its crude oil and that discussions are ongoing with the top three bidders.

During a press conference on Thursday at Freedom House, he stated that the awarding of the Floating Production Storage and Offloading (FPSO), will be based on credibility and price.

Dr. Jagdeo also stated that he is very pleased with this bidding since it is an accomplishment when compared to the earlier periods under the previous coalition government when Guyana was paying a marketing commission.

“We are very pleased now with this bid because we have moved from the early period under APNU where we were paying a marketing commission to a zero-marketing commission, and now we’re going to get a premium in these bids,” he related.

In September, the Government of Guyana, through the Ministry of Natural Resources, issued an Invitation for Bids (IFB) for the provision of marketing services for the country’s oil entitlement from ExxonMobil’s Stabroek Block production.

According to a statement from the Natural Resources Ministry, “The objective of the assignment is to competitively market and maximise the value of the government’s crude-oil entitlement from developments in the Stabroek Block and create a competitive market for the Liza, Unity Gold, and Payara Gold Blends.”

Bids were to be submitted no later than 09:00 hours on Tuesday, October 17, 2023, to the Chairman of the National Procurement and Tender Administration Board at the Ministry of Finance, Main & Urquhart Streets, Georgetown.

Last year, BP International Limited was selected to market Guyana’s share of petroleum from the Liza Destiny and Liza Unity floating, production, storage and offloading (FPSO) vessels.
Guyana’s third FPSO, Prosperity, arrived at the offshore Stabroek Block in April and joins the Liza Destiny and Liza Unity, which are currently producing over 380,000 barrels per day.

It is expected to operate on the Payara project and designed to produce 220,000 barrels of oil per day and has an overall storage volume of two million barrels.

Daily oil production is expected to increase to almost 600,000 barrels a day in 2024, with production from the Prosperity vessel boosting Guyana’s annual revenue.