Latest update March 28th, 2025 6:05 AM
Latest News
- “It will be a very bad day for Venezuelan if they attack Guyana or ExxonMobil”—Rubio declares
- Guyana gets info on U.S. tax evasion allegations against Mohameds, Mae Thomas
- US$35 injected into banking system to address foreign currency shortage—VP Jagdeo
- Citizens to stage protest today against lack of access to information in Guyana
- Guyana vows to stand with U.S.
Guyana collects US$35M for second oil lift by Shell
– Natural Resource Fund now holds US$94.9M
The Ministry of Finance announced yesterday that US$35,063,582.06 was received for the second lift of one million barrels of oil from the Stabroek Block by Shell Western Supply and Trading Limited (SWSTL). The Ministry noted that this payment was desposited into the Natural Resources Fund which now has a total holdings of US$94, 921,803.00.
Finance Minister, Winston Jordan
In March, Finance Minister Winston Jordan had disclosed to this news agency that Guyana had received almost US$55M for the first million barrels of oil which was sold to SWSTL.
It was in mid-February that local authorities witnessed the transfer of Guyana’s first million-barrel lift of crude onto the oil tanker Cap Philippe which was chartered by Shell. It had bought, in total, Guyana’s first three million barrels of crude from the Liza Phase One Project. Shell has one more lift to make.
Energy Department Head, Dr. Mark Bynoe, had told this newspaper in a previous interview that Guyana is entitled to at least five million barrels of oil for 2020.
According to the Energy Department, the subsidiary of Shell, which is the third-largest company in the world based on 2018 revenues, won the bid for three lifts on account of a number of factors. These included a competitive pricing that limits the Government’s exposure to market uncertainty; the size, scale and global reach of its trading operations; the company’s high level of integration between Upstream, Trading and Downstream; Shell’s strong foothold in the Latin American markets and the size and scale of their shipping and storage operations in the region, allowing for multiple options on the Liza crude commercialization; and the range of new grades Shell recently introduced into the market.
The Department also took into consideration Shell’s willingness to share critical refinery information which it asserts Guyana needs, in order to understand the Liza crude behaviour.
Kaieteur News was also informed via a statement from the department that Shell’s readiness to support it in operating these cargoes, while it is strengthening its structures and in-house crude commercialization human resources, was also a determining factor.
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