December 2, 2022
According to the Guyanese government, the BP International Limited of the United Kingdom (UK) will market its portion of the oil produced by the Liza Destiny and Liza Unity FPSO (floating production storage and offloading) vessels.
Based on the terms of the Production Sharing Agreement, Guyana is entitled to 50% of the profit oil share, or 12.5% each for the nation and Esso Exploration and Production Guyana Limited (EEPGL), which is led by ExxonMobil, while 75% goes to cost oil.
When the contract with Aramco Trading Limited (Arabia American Oil Company) ended, the Ministry of Natural Resources issued the Request For Bids, which saw 14 offers being submitted to the National Procurement and Tender Administration Board (NPTAB). Of this, NPTAB’s Evaluation Committee recommended that the BP International be granted the contract award with a term of twelve (12) months at a marketing price of zero dollars per barrel.
The UK oil corporation will help and advise the government of Guyana and closely collaborate with Georgetown in order to comprehend how the Liza blend’s behavior and yields might impact price differences.
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