In February, the new crude oil producing nation Guyana, opened a bid process to market the Government’s share of crude produced from Exxon’s Liza development. The process was supposed to be concluded in March but was extended into April. Through the process, 34 companies submitted bids for the one year contract.
Trinidad and Tobago state oil company Heritage Petroleum, is one of the bidders for the contract.
Back in January it was announced that Shell Western Supply and Trading won the bid for the first three lifts of cargoes from the Government’s share. The new contract scope of work will be to market successfully the Government’s Crude Oil Entitlement, with a minimum production rate of five (5) lifts per annum.
Bids for this new contract will see stiff competition as other bidders include, Exxon, Shell, Equinor, Total, and trading arms of Aramco and Petrobras.
Exxon began production in December 2019 and is projected to reach a production capacity of 120,000 b/d in the first quarter of 2020 utilizing the Liza Destiny Floating Production Storage and Offloading (FPSO) Vessel. The entire Stabroek Block is expected to produce up to 750,000 bpd by 2025.