UK Consultant hired to help Guyana select best crude marketing agent

Nov 07, 2019 News

The Department of Energy recently inked an agreement with an industry expert from a United Kingdom Consultancy firm to help Guyana in the process of selecting the best agent to sell its share of the Stabroek Block oil.

Juan Lopez-Raggi of RPS Group

Virginia Markouizou of RPS Group

According to Energy Department Head, Dr. Mark Bynoe, a contract was signed with Crude Marketing Specialist, Ms. Virginia Markouizou of RPS Group. He further noted that a Commercial Specialist, Mr. Juan Lopez-Raggi of RPS Group was also hired to assist the Department’s preparation for First Oil.

This newspaper understands that RPS Group is a global professional services firm of consultants and service providers, headquartered in Abingdon, Oxfordshire.

Dr. Bynoe said that Guyana’s crude is expected to be sold FOB (Free on Board) – this means that the crude is sold to the buyer at the exit point of the oil storage vessel, with the buyer being responsible for shipping the crude, handling its insurance, etc. Government, through a marketing agent, is projected to sell its share of exported crude (liftings) on a fee per barrel basis.
Dr. Bynoe said that the tender for this agent will be issued during the fourth quarter of 2019.

Furthermore, the Energy Department Head said that his team is working to conclude a contract with a Petroleum Accounting Specialist and a Contract Administration Specialist shortly.