The Ministry of Natural Resources has issued an invitation for companies to submit bids to market the country’s share of profit oil from the Liza Destiny Floating, Production Storage and Offloading (FPSO) vessel (Lot 1), the Liza Unity FPSO vessel (Lot 2), and the Payara Prosperity FPSO vessel (Lot 3).
The primary objective of this endeavour is to foster competition and maximize the value of the Government’s crude oil entitlement from developments within the Stabroek Block being operated by United States (US) oil giant, ExxonMobil. Additionally, the initiative aims to establish a competitive market for the Liza, Unity Gold, and Payara Gold Blends, solidifying Guyana’s position in the global oil market.
Last year, in a competitive bidding process, BP Oil International Limited emerged victorious, securing a coveted one-year contract for the marketing of crude oil. This significant development marked the transition from Aramco Trading Limited, a subsidiary of Saudi Aramco, to BP, with the handover occurring on October 31, 2022.
Currently, crude oil production is in full swing at the Liza 1 and 2 projects, jointly yielding an impressive 400,000 barrels per day (bpd). Anticipation is building as the production of the Payara blend is set to kick off in the third quarter of 2023.
Guyana, a rising star in the global energy landscape, is poised for substantial growth. Projections indicate that the country’s output will surge beyond the 600,000 bpd mark, expected to become a reality as early as 2024.
The ministry has since noted that to ensure a fair and transparent process, all bids must be submitted no later than 09:00 hours on Tuesday, October 17, 2023, to the National Procurement and Tender Administration Board (NPTAB) at the Ministry of Finance, located on Main & Urquhart Streets, Georgetown, Guyana. The ministry also sternly notes that any late submissions will be rejected without opening.
The bidding process allows firms to participate on a lot basis, giving them the flexibility to bid for one or more lots as specified in the bidding documents. Bids submitted must remain valid for 120 days from the date of bid opening.
The official opening of the bids will take place on Tuesday, October 17, 2023, at 09:00 hrs. Representatives from bidding firms who wish to attend the opening may do so at the address mentioned above. Additionally, video links for the opening can be requested by contacting [[email protected]](mailto:[email protected] “”).
Interested bidders are also encouraged to seek further information by contacting [[email protected]](mailto:[email protected] “”) or reaching out to the Permanent Secretary at the Ministry of Natural Resources, 96 Duke Street, Kingston, Georgetown, GUYANA.
