The Ministry of Natural Resources has set aside $204M for a suite of petroleum management activities. In providing a breakdown of some of the planned expenditures, Natural Resources Minister, Vickram Bharrat said $6.3M will go towards third-party inspection costs on Guyana’s oil ships.
He said these inspections are necessary when offloading crude. He said too that this is part of a standing agreement between Guyana and ExxonMobil Corporation affiliate, Esso Exploration and Production Guyana Limited (EEPGL).
“We pay 50 percent and they pay the other half to have a person physically on the floating, production, storage and offloading (FPSOs) vessels. This sum also takes into consideration, the additional needs (that will accompany the arrival of) the third FPSO (Prosperity) which will form part of our fleet in 2023,” the parliamentarian said.
Bharrat also shared that $42M will be set aside for subscriptions to international information groups in the industry such as S&P Global Commodity Insights. S&P is regarded as a leading provider of energy and commodities information. It is also a trusted source for benchmark price assessments in the physical commodity markets.
The minister further noted that $5M will go towards advertisement and other related activities to support staffing needs.
Guyana Standard understands that the ministry has also set aside $50M which will go towards ensuring the Guyana National Bureau of Standards (GNBS) can maintain a physical presence aboard the Liza Destiny and Liza Unity vessels.
Bharrat said GNBS is critical to protecting the integrity of measurements and instruments for calibration that are used for offloading purposes.
