Latest update February 15th, 2025 12:52 PM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Bids open for companies to sell Guyana’s oil

Sep 19, 2024 News

Kaieteur News – The Ministry of Natural Resources (MNR) has invited eligible companies to submit bids for the provision of marketing services for Guyana’s Oil.

According to an advertisement released by the MNR, the bidders will be putting their submissions for an opportunity to market Guyana’s oil entitlement from Lot 1 – Liza Destiny FPSO Vessel, Lot 2 – Liza Unity FPSO Vessel, Lot 3 – Payara Prosperity FPSO Vessel, Lot 4 – Any two (2) Lots combined and Lot 5 – Combined Lots 1, 2 and 3.

The advertisement stipulates that bids shall be opened by the National Procurement and Tender Administration Board in the presence of Bidders’ representatives who wish to attend, at 09:00 hrs. on Tuesday 1st day of October 2024 at the National Procurement and Tender Administration Board, Ministry of Finance, Main & Urquhart Streets, Georgetown, Guyana or may request a video link from [email protected].

The bids must be valid for 120 days from the date of opening.  Additionally, bidders inter alia may bid for one or more lots as defined in the bidding documents. At present, two United Kingdom companies market Guyana’s oil share.

Minister of Natural Resources, Vickram Bharrat  had revealed that UK company, JE Energy is the marketer of oil coming from the Liza-1 platform which uses the Liza Destiny FPSO, while BB Energy is the marketer for  oil from the Liza-2 and Payara platforms which use the Liza Unity and Liza Prosperity FPSOs, respectively.

According to the minister the contract stipulates that neither of the companies charge government for the marketing and will instead pay, in the case of BB Energy Limited, US 26 cents on every barrel it sells. JE Energy plans to pay some US 70 cents on each barrel of crude it markets.

The Liza Destiny FPSO is currently producing over 150,000 barrels of oil per day (bpd), up by 30,000 after debottlenecking, a process of optimizing capacity. Its storage capacity is 1.6 million barrels. As for the Liza Unity FPSO, it is also producing 30,000 more barrels than had been announced as it moved from 220,000 bpd to 250,000 bpd after the same optimising process. Its storage capacity is some two million barrels.

Similar Articles

The Glenn Lall Show|| February, 14th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

GBA assembles elite squad for 2025 Caribbean Boxing Championship in St. Lucia

GBA assembles elite squad for 2025 Caribbean Boxing Championship in...

Feb 15, 2025

Kaieteur Sports – The Guyana Boxing Association (GBA) has officially selected an 18-member squad, alongside four coaches, to represent the nation at the highly anticipated 2025 Caribbean Boxing...
Read More
PanAm Aquatics urges GASA reform, lift suspension of clubs

PanAm Aquatics urges GASA reform, lift suspension...

Feb 15, 2025

Alimohamed, Motie stroke fifties as Harpy Eagles stay in the hunt

Alimohamed, Motie stroke fifties as Harpy Eagles...

Feb 15, 2025

Mashramani Street Football Championships culminates tonight at National Park

Mashramani Street Football Championships...

Feb 15, 2025

Fitness Express to reward overall winners

Fitness Express to reward overall winners

Feb 15, 2025

Amaya Milk Company backs One Guyana Mashramani Softball Cup

Amaya Milk Company backs One Guyana Mashramani...

Feb 15, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]