Guyana’s first share of crude to be lifted next week

DPI, Guyana, Monday, February 10, 2020

Director of the Department of Energy Dr. Mark Bynoe told the media that Guyana’s first lift of crude which was sold to Shell is scheduled for next week.

“Guyana’s first lift of approximately one million barrels is scheduled for early next week. This will represent part of Guyana’s profit oil allocation of 12.5 percent additionally the county will be receiving its two percent royalty on gross production of all oil produced.”

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(from left) One of the Deputy Commissioners of GRA Lancelot Wills Director of the Department of Energy Dr Mark Bynoe and Jermaine Softley, Head of the Legal Meteorology Department of the GNBS.

This represents the third lift of crude from the Liza Phase one development since Guyana commenced oil production on December 20, 2019. Shell Western Supply and Trading Limited won the bid to purchase Guyana’s first three lifts of crude oil.

During the press briefing, Dr. Bynoe stated that Government will be working with guidelines set out by the Guyana Extractive Industries Transparency Initiative (EITI) for reporting on first trades.

“The DE has committed to providing GYEITI all the data and the information required by EITI standard with full observance of the laws of Guyana.”

It was disclosed that the revenues will be deposited in the Natural Resources Fund which is managed by the Bank of Guyana.

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