Guyanese should be proud, “FPSO” belongs to you – DE Director

─ Liza Destiny FPSO set to arrive in Guyana on September 18  

 

DPI, Guyana, Friday, July 19, 2019

 

The floating production storage and offloading vessel – FPSO, referred to by Dr. Mark Bynoe, Director of the Department of Energy, will be used by US oil giant- ExxonMobil, for the production and processing of hydrocarbons, and the storage of oil.

Director of the Department of Energy (DE) in the Ministry of the Presidency, Dr. Mark Bynoe.

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.

 

As he spoke candidly during a business forum on Friday, Dr. Bynoe sought 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 under the contract we are paying a hundred per cent recoverable cost,” Dr. Bynoe explained.

 

Explaining further he said “From a technical stand point the first FPSO is leased but it is us (Guyanese) who are paying for that lease so we have a major stake in the asset” .

 

The Department of Energy (DE) Director said the government is taking a minimalist approach, working with entities who 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.

 

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 only this way can businesses level the proverbial playing field.

 

The first set of oil production in Guyana is expected next year.

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