UK companies clinch one-year deal to market Guyana’s crude

Last Updated on Thursday, 9 November 2023, 20:14 by Denis Chabrol

The United Kingdom-based BB Energy Trading Limited and JE Energy Limited have won bids to market Guyana’s crude from the three Floating Production Storage and Offloading (FPSO) vessels, Minister of Natural Resources Vickram Bharrat said Thursday.

“It’s the first time we will get a premium,” he told Demerara Waves Online News

Under the one-year contract to each company, BB Energy would pay Guyana 26 US cents per barrel for marketing crude from Liza Destiny, Liza Unity and Prosperity. The Guyana government said JE Energy would pay 70 US cents per barrel to market crude only from Liza Destiny.

Vice President Bharrat Jagdeo has already said, “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.”

FPSO Prosperity is set to begin pumping crude from the Payara field before the end of November 2023.

Total output from all three FPSOs is set to reach more than 600,000 barrels per day by early 2024.

The bidders were 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.