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Crude Lifting Agreement to be finalised in the new week – Dr. Bynoe

Nov 07, 2019 News

The Crude Lifting Agreement (CLA) which will set out how and when ExxonMobil and its partners, Hess Corporation and CNOOC/NEXEN, as well as the Government of Guyana will collect its barrels of oil, is expected to be finished in the new week, says Energy Department Head, Dr. Mark Bynoe.
During a press conference that was held at the National Communications Network (NCN) studio yesterday, Dr. Bynoe said that the template being used for the agreement is from the Association of International Petroleum Negotiators Crude Lifting Agreement. He said the CLA was carefully customised to take the Guyanese context into consideration.
Expounding further, Dr. Bynoe said that the agreement not only sets up the schedule for crude cargo liftings based on volume entitlements, but also lays out the strict procedures for efficient crude lifting. Kaieteur News understands that the agreement notes that delays will cause value loss and could risk shutting in production in the Floating Production Storage and Offloading (FPSO) Vessel.
Additionally, Dr. Bynoe said that the Energy Department has been working closely with its sister agencies such as the Guyana National Bureau of Standards (GNBS) as well as the Stabroek Block licensed partners to ensure a smoothly running process. This newspaper was also informed that the department has completed several workshops for training as well as dry runs for the FPSO.

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