Guyana is this year expected to lift and sell five million barrels of crude oil being extracted from the Liza-1 well from the ExxonMobil-led consortium under the banner of Esso Exploration and Production Guyana Limited (EEPGL), Director of government’s Department of Energy, Dr. Mark Bynoe said Tuesday.
“I am happy to say that Guyana is entitled to approximately five million barrels of oil in 2020 alone, plus the two per cent royalty, plus withholding taxes, plus the direct and indirect benefits through employment creation and other revenue-generated income. So, this is not a contract that we should take lightly, it is not an occasion that we should take lightly,” he said aboard the Liza Destiny, a Floating, Production, Storage and Offloading (FPSO).
Guyana government officials have already estimated that the country expects to earn at least US$300 million this year from oil sales.
Bynoe was aboard the FPSO witnessing the transfer of Guyana’s first million-barrel lift of crude onto the oil tanker Cap Philippe, which was chartered by Shell Western Supply and Trading Limited.
ExxonMobil, Hess, China National Overseas Oil Company Nexen Petroleum are each entitled to lifts on a rotational basis as part of the production sharing agreement to recover costs of investments and earn profits.