To date, the Liza One field has produced over 2.7 million barrels of oil and Guyana is scheduled to take its first lift of approximately 1,000,000 barrels early next week. This was revealed by Energy Department Director, Dr. Mark Bynoe who held a press conference at the Ministry of the Presidency earlier today.
Dr. Bynoe said that the first lift will represent part of Guyana’s profit oil allocation of 12.5 percent. Additionally, Dr. Bynoe noted that the country will be receiving its two percent royalty on gross production of all oil produced. The Guyana Standard understands that the monies from the sale of Guyana’s crude and its cash-based royalty will be deposited into the Natural Resource Fund Account that is being managed by the Bank of Guyana.
To ensure that transparency is part and parcel of the department’s work, Dr. Bynoe noted that a working relationship has been established with the Guyana Extractive Industry Transparency Initiative (GYEITI) while noting that he has committed to providing GYEITI with all the data and information required by the EITI Standard.
Further to this, Dr. Bynoe said that the Department of Energy and the GYEITI have committed to collaborating with each other to ensure that compliance, transparency and accountability are resident within the country’s burgeoning oil and gas sector.