Director of the Department of Energy, Dr. Mark Bynoe, has said that Guyana’s second lift of approximately one million barrels of crude is projected for the third week of May 2020, DPI has reported.
During a virtual press conference today, Dr Bynoe updated the media on several aspects of Guyana’s oil and gas sector.
The country lifted its first cargo on February 19 under the entitlement regime that netted nearly $11.4Billion (US$55 M) for its approximately first 1 million barrels of oil.
This was the first of three cargoes which were sold to Shell Western Supply and Trading. The Energy Director announced that the revenue from the first sale was deposited into the Natural Resource Fund (NRF) on March 11, 2020.
Dr. Bynoe assured that the Energy Department remains committed to ensuring the revenues garnered will be properly deposited noting that the department has been working with the relevant agencies to ensure this is done.
“We continue to work collaboratively with both the Bank of Guyana and the Ministry of Finance that we are not only moving towards having the requisite deposited as they ought to but that the reconciliation process is carried out to ensure that the numbers align fully with what is due to the Cooperative Republic of Guyana,” Dr Bynoe was quoted by DPI as saying.
The Energy Director noted that to date the Liza 1 field has produced over eight million barrels of oil and is expected to ramp up production by June. The daily average production being 75,000 and 80,000 barrel of oil per day, the expected ramp is approximately 120,000 barrels of oil per day.
Guyana commenced oil production in December 2019 and sold its first three cargos to Shell Western Supply and Trading Limited.