Guyana earned $80 million from July’s crude cargo

The Natural Resources Ministry of Guyana on Tuesday noted that the island country had gained around $80 million from a July crude cargo that was sold to an Indian refiner.

Guyana: The Natural Resources Ministry of Guyana on Tuesday noted that the island country had gained around $80 million from a July crude cargo that was sold to an Indian refiner.

The Ministry stated that this is the highest figure since exports were established in early 2020, though an official ordered a long-term supply deal.

The Caribbean island has traded cargo of 1,047,820 barrels of light, sweet Liza crude at $75.98 per barrel, which is $20 higher than the average price for the 7 total shipments allocated to the government so far from the Exxon Mobil-led consortium managing the offshore Stabroek block.

Vickram Bharrat, who is the Natural Resources Minister, while talking to a local media house, noted that an Indian state refiner Indian Oil Corp purchased the cargo on July 3, 2021.

Last week, Guyana received bids from atleast 15 different firms aiming to market the government’s share of the crude produced, while no Indian companies have submitted their proposals.

India earlier this year approached the Caribbean Island’s government to which the Vice President of Guyana – Bharrat Jagdeo, noted, “We told them that they would have to put in a bid along with all the companies.”

The Vice-President cited, “I’m hoping that within a matter of weeks, a decision would be made which would settle who sells our oil for the next maybe year at least,” he stated in an interview to the local media house.

The Exxon-led consortium has identified around 9 billion barrels of recoverable oil and gas off the coast of Guyana, transforming the nation into the newest crude exploration hotspot of the world.

The entrance of oil revenue can potentially change the agriculture of the poverty-stricken nation – and mining-based economy.

The 9 billion barrels of recoverable oil make the island of Guyana the 19th largest oil nation in the world.

The Stabroek block is unusually vast- spread across 6.6 million acres. ExxonMobil has made a huge 18 discoveries till date on the Stabroek block.