Guyana picks British crude marketers again

Last Updated on Tuesday, 22 October 2024, 17:03 by Writer

Guyana on Monday announced that two British companies have been contracted again to sell the country’s crude entitlement for the next 12 months, and the country is set to receive higher earnings from the deals.

The Ministry of Natural Resources said the United Kingdom-based BB Energy Trading Limited would sell crude from floating production and storage offloading (FPSO) vessels Liza Unity and Payara Prosperity, and another British company, JE Energy, would sell crude from Liza Destiny FPSO.

“The combined premium per barrel to be received by the GoG from these two companies for the crudes from these three FPSOs amounts to US$1.85, reflecting a substantial 93% increase compared to the US$0.96 premium secured in the previous period,” the Ministry of Natural Resources said in a statement.

This is the second time that BB Energy and JE Energy have won crude marketing contracts at the same time; the first was in November 2023 for both Liza Unity and Liza Destiny at 70 US cents per barrel over market prices.

Twenty-seven bids were received by the National Procurement and Tender Administration Board in September.

The Natural Resources Ministry said the evaluation was on a lots basis where the most substantially responsive bidder in relation to the combined lots was determined in keeping with the evaluation criteria.