Indian Oil Corporation Ltd. (IOC) has paid Guyana a whopping US$79.6M following the receipt of the nation’s seventh oil lift. Disclosing the money received was the Ministry of Natural Resources via a statement to the press. The Ministry said on July 3, 2021, 1,047,820 barrels of oil were lifted from Liza Destiny vessel with a value of US$79,617,561.87. This resulted in a grand total to date of 7,056,262barrels which earned Guyana US$388,777,840.1. That money is being held in the Natural Resource Fund Account at the Federal Reserve Bank of New York.
As the Government of Guyana manages the nation’s patrimony to the benefit of all Guyanese, the Ministry said the administration will remain committed to providing updates on oil lifts and sales as may be necessary to ensure all stakeholders and members of the public are informed.
Guyana Standard understands that the country’s next left is slated for September. The government has already received bids from 15 companies both regionally and internationally for this crude marketing exercise.
The companies include Royal Dutch Shell, Chevron Corp, France’s TotalEnergies SE, and Norway’s Equinor ASA . Hess Corp, a partner in the consortium that operates the Stabroek block, submitted a bid, while lead partner Exxon did not.
Other companies submitting bids included commodities trading houses like Mercuria and Trafigura, as well as units of Saudi Arabia’s Aramco and China’s Sinochem.
Reuters had reported that the proposed commissions ranged from 2 cents per barrel in the case of Sinochem, to 26 cents per barrel in the case of a joint bid submitted by the National Gas Company of Trinidad and Tobago and Trinidad-based Heritage Petroleum Company Limited.
