SEATTLE (Oil Monster): Guyana received bids from energy giants for its crude marketing contract which seeks to trade the government's share of crude produced in the country for a period of one year, said the statement released by the National Procurement and Tender Administration Board.
A total of 27 bids were received. Those who submitted bids include major energy companies such as Shell, TotalEnergies, Chevron, ADNOC, Gunvor, Vitol, PetroChina, CNOOC and Eni.
Guyana's oil and gas output is managed by three projects under the consortium led by ExxonMobil. The government of the nation is entitled to a share of the production under a production sharing agreement. JE Energy now markets the portion of crude produced by the government at the Liza 1 project. Additionally, BBEnergy sells the portion of crude generated by the Payara and Liza 2 projects.
Refiners all around the world have been in high demand for the light sweet crude grades since they started producing them in 2019. The majority of exports in 2023 had gone to Europe.
During the duration of the deal, the Guyanese administration hopes to market about 23 cargoes. However, based on real production rates, the precise figures could vary. According to the bidding documents, the contract is scheduled to start next month.
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