Based on the information it received from the Government of Guyana and the operator of the Stabroek Block (ExxonMobil), the International Monetary Fund (IMF) expects that oil lifting will start this year instead of 2020.
In an exclusive IMF document seen by this newsagency, the international organization disclosed that oil lifting will start as early as November. It further noted that the first cargo can be expected by February 2020. In light of these developments, the Fund expressed concern about the state of preparedness and urged that an action plan needs to be implemented without delay.
As part of this action plan, the IMF strongly advised that Guyana establish and put in place, protocols, and systems for the accurate measurement of oil and other products to be lifted offshore Guyana. It also urged for the Guyana Revenue Authority (GRA) to establish a team within the Customs Petroleum Unit (CPU) to support the verification of oil prices. Further to this, it stressed that all customs operations regarding oil should be done using a paperless system. In this regard, it was suggested that full use should be made of the newly installed ASYCUDA system.
In addition to the foregoing, the IMF strongly advised that Guyana should fully implement the World Trade Organization (WTO) Valuation Agreement for the clearance of goods for the FPSO. It also stressed the need for Guyana’s authorities to carry out extensive verification of import values after release.
In the meantime, the Energy Department is still in the process of trying to find a suitable crude marketing service provider to market the government’s share. In this regard, the Guyana Standard understands that the Association of International Petroleum Negotiators’ Model Crude Oil Lifting Agreement, one of the most revered agreements in the industry, will be used as a premise for Guyana’s arrangement.
