Guyana’s Natural Resources Minister Vickram Bharrat said Aramco Trading Ltd, a unit of Saudi Aramco, has been awarded a tender to purchase a portion of the country’s crude oil output. The tender only covers the next loading, which is scheduled for September 21-22. However, Bharrat added that the government and Aramco Trading might sign a one-year marketing deal, although the process has yet to complete.
Guyana emerges as a new hotspot for offshore oil production. An Exxon-led consortium has found over 9 billion barrels of recoverable resources off the South American country’s coast. India has also sought a deal with Guyana in an effort to diversify its oil supplies. However, Guyana has instead chosen a competitive bidding process.
