25 companies bid to market Guyana’s crude

Last Updated on Friday, 3 November 2023, 7:44 by Denis Chabrol

The Ministry of Natural Resources, Duke Street, Kingston.

Vice President Bharrat Jagdeo on Thursday announced that 25 companies have submitted bids to market Guyana’s crude, and that government has selected three of them to open negotiations.

“We’re very, very pleased now moving from paying marketing commission to zero in the last set of people. Now, this set is paying us a price above the international market,” he told a news conference.

With companies having been allowed to bid from a single Floating Production, Storage and Offloading (FPSO) vessel or a combination of all three, Mr Jagdeo said the key factors were credibility and satisfying the financial flows.

Shying away from getting into the details, he said one of the bidders offered a higher premium on a single FPSO and so that company might be awarded the contract for that single FPSO.  In relation to the two other FPSOs, he said another company has offered a premium plus an undisclosed value in training or a total premium and no training. “If  they combine the two they become the next highest and they get the two other FPSPOs,” he said.

The bidders are REPSOL, BP Oil International, Equinor ASA, PetroChina International (America) Inc;  Mercuria Energy Trading; ENI Trading & Shipping; Aramco Trading Company; Petraco Oil Company Ltd; Aramco Trading Ltd; Hess International Sales; Exxon Mobil
Gunvor S.A. Trafigura PTE Ltd; Vitol S.A. Glencore Energy UK Ltd;  CNOOC Trading (Singapore) PTE Ltd; Chevron Products
Company; ADNOC Trading Ltd; (TOTSA) Total Energies Trading S.A; Shell Western Supply & Trading Ltd; BB Energy Trading Ltd; BB
Commodities Ltd; JE Energy Ltd;  UNIPEC America Ltd; SOCAR Trading S.A; and Cathay Petroleum International Ltd.