MV YANNIS SUCESSFULY TAKES GUYANA’S FIRST MILLION BARRELS; GNBS AND GRA SCRUTINIZE PROCESS
Jan 20, 2020
The Ministry of the Presidency, Department of Energy (DE) is pleased to announce that the oil tanker MV Yannis has successfully lifted Guyana’s first shipment of crude. The Yannis set sail today for the USA with 1 million barrels of Guyana’s light crude.
The Guyana National Bureau of Standards (GNBS) has reported that the first offloading of crude oil on the FPSO commenced on the morning of Saturday, January 18, 2020 and all activities were executed as planned. The Guyana National Bureau of Standards is responsible for independently ensuring the accurate measurement of Guyana’s oil from the Stabroek Block.
The DE extends its congratulations and appreciation to the GNBS and the Guyana Revenue Authority (GRA) for their sterling roles in ensuring that Guyana’s interests are protected during the lifting process. Lifts are expected approximately every 10 – 12 days from henceforth.
This first lift due to the record set from discovery to production by the operator, sets Guyana firmly on its way to becoming one of the wealthiest countries on the globe per capita, according to many industry specialists.
Already, the sector has witnessed foreign direct investment (FDI) in excess of US$500 million, the creation of over 1,700 direct jobs, over 600 service providers, and the establishment of over 70 joint ventures, alliances and partnerships which continue to increase. Oil revenues from this venture alone are projected to realize approximately US$300 million in this first year and more than tripling over the next 5 years. This is expected to directly benefit every Guyanese during this Decade of Development through the provision of revenues to develop other important sectors such as agriculture, energy and manufacturing, as well as vastly improved social and educational services, world class infrastructure, increased wages, job opportunities and an overall better quality of life over the long term.