BP has won the contract to market the Guyanese state’s portion of the crude oil being produced at two offshore platforms in the country’s waters, with it replacing a trading unit of Saudi Aramco as the holder of the contract.
According to Guyana’s Ministry of Natural Resources, BP was selected as the country’s marketing agent over 13 other candidates, although the statement did not name the other participants. With no per-barrel charge, BP will market the state’s share of the oil produced at Liza Unity and Liza Destiny, which are owned by a consortium comprised of CNOOC Ltd., Hess Corp., and ExxonMobil, with the latter being the designated operator.
According to the ministry, BP will assist the government in understanding the yields and behaviour of the sweet oil blends from the offshore platforms, which include the medium-to-light Liza blend and the lighter Unity Gold. BP will also provide performance comparisons and benchmarks and market the crude oil to refiners.
Guyana is currently a hot bed of exploration activity, with ExxonMobil having already discovered 11 billion barrels of recoverable oil reserves, with plans in progress to produce 1.2 million barrels per day of crude oil by 2027. The government recently said it hoped to attract other oil companies when it auctions another 14 blocks in future.
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