Contracts are on the horizon for the entity that will take charge of marketing Guyana’s share of the oil produced on the three offshore platforms.
This announcement came from the General Secretary of the PPP/C, Dr. Bharrat Jagdeo.
The Liza Unity and the Liza Destiny platforms are currently yielding approximately 380,000 barrels of oil off the coast of Guyana, and the Prosperity FPSO is expected to commence production soon.
Dr. Jagdeo explained that the government has the option to award contracts to separate bidders for each vessel, or alternatively, a single contractor may be entrusted with marketing oil from all three platforms.
Highlighting the significance of this development, the PPP General Secretary noted that it signifies the government’s success in securing enhanced benefits for the marketing of this valuable resource.
Moreover, Dr. Jagdeo disclosed that the government has engaged in discussions with Qatar regarding a gas development strategy, given the country’s prominence as a global leader in this field.
Previously, Guyana was required to remunerate a company for oil marketing services.
However, an arrangement was eventually established wherein no payment was necessary.
Now, the government anticipates obtaining a premium from the sale of its oil share.