Guyana Earns Nearly $80 Mln from 7th Crude Cargo

Monday, August 9, 2021

Guyana earned nearly $80 million from the seventh crude cargo allocated to the government from the offshore Liza project, the highest figure since exports began in early 2020, the Ministry of Natural Resources said on Monday.

The cargo of 1,047,820 barrels of light, sweet Liza crude set sail on July 3 at a price of $75.98 per barrel, $20 higher than the average price for the seven cargoes, the ministry's data showed. The influx of oil revenue has the potential to transform the poor South American country's economy.

Refinitiv Eikon data show the crude was exported on the Greece-flagged Militos vessel, which was chartered by Indian state refiner Indian Oil Corp (IOC). India, the world's third-largest crude consumer and importer, had approached Guyana over a potential long-term supply deal.

Guyana's Natural Resources Minister Vickram Bharrat confirmed to Reuters that the cargo was sold to IOC. A source had earlier described the shipment as a "trial cargo" for the possible arrangement.

A consortium led by Exxon Mobil Corp, which operates the Stabroek block where Liza is located, has discovered around nine billion barrels of recoverable oil and gas off Guyana's coast, turning the country into the world's newest crude exploration hotspot.

(Reporting by Neil Marks; Writing by Luc Cohen Editing by Mark Potter)

Categories: FPSO Floating Production South America

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