Guyana’s director of energy said large oil companies (Eni, Total, Chevron, BP, CNOOC, Hess Corp, and Exxon Mobil) are expected to present bids to buy Guyana’s first three cargoes of Liza crude.
More than 6 billion barrels of recoverable oil and gas resources discovered off Guyana’s coast by an association of CNOOC, Hess, and Exxon. Exporting crude from the country is predicted in January and February.
Before entering into a long-term contract to market the crude, Guyana is first seeking to auction off the first three cargoes of its share. To act as an advisor to the government on the process, Guyana’s Department of Energy has hired Virginia Markouizos of the United Kingdom’s RPS group.
The fair value for the Liza grade will be determined by the sale of the first three cargoes, adding that the current volatility in global crude prices was not good for Liza.
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