UK Company BP to support enhancement of Guyana’s crude trade
UK Company BP will market crude to refiners, provide benchmark and performance comparisons, and help the government understand the behaviour and yields of the Liza blend.
BP International Limited will market Guyana's share of crude oil produced over the next year from two offshore production platforms, the Ministry of Natural Resources said.
The newly signed 12-month contract replaces Aramco Trading Limited, whose contract recently ended.
Under this agreement, BP will provide support and guidance to the Government of Guyana in all operating and back-office responsibilities of managing the crude sales and each individual lift whilst facilitating timely and cost-effective crude operations.
They will also support the government in the continued introduction of the grade to multiply geographies and refinery systems, and provide benchmark and performance comparisons of prices paid for Guyana’s crude.
BP will additionally Work closely with the government to understand the behaviour and yields of the Liza blend and how these can affect pricing differentials.
Guyana is home to one of the largest oil discoveries in the last decade, with about 11 billion barrels found to date.
The London-based oil company has agreed to market Guyana’s share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel.
Its proposal to take over as marketing agent was chosen over 13 others.
The consortium that controls the country's crude output expects to pump 1.2 million barrels per day (bpd) by 2027, up from an expected 380,000 bpd at year-end.
The government recently said it would auction 14 offshore blocks to increase output by adding more oil producers. Guyana has not yet disclosed a timetable but indicated it could hold the auction by May.
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