Guyana is poised to witness a significant boost in its share of oil production from the Stabroek Block with projections indicating a minimum of 11 lifts from the Liza Unity floating production and offloading storage (FPSO) vessel, five lifts from the Liza Destiny FPSO, and 11 lifts from the newly initiated Prosperity FPSO within the coming year. Each lift is worth one million barrels of oil.
The foregoing insights were provided by Minister of Natural Resources, Vickram Bharrat during a recent end-of-year press conference.
Highlighting the production expectations, Minister Bharrat emphasized that he anticipates a minimum of 11 lifts from the Liza Unity FPSO. Optimistic about the Prosperity FPSO’s performance, he expressed the hope for an additional 11 lifts, marking a positive outlook for Guyana’s oil sector.
Acknowledging the size difference, Minister Bharrat noted that the Liza Destiny FPSO, being smaller, is likely to deliver fewer lifts. However, he mentioned the possibility of achieving six lifts if production surpasses average levels. As such, the minister set a baseline of five lifts for the Destiny FPSO in the upcoming year.
He also announced that in a strategic move, the Guyanese government has selected two firms to handle the marketing of the country’s crude oil for the next 12 months. BB Energy, a reputable British independent energy trading company with over 50 years of experience, will be responsible for marketing crude from the Liza Unity and Prosperity FPSOs. Meanwhile, JE Trading, a London-based trading and marketing company, will handle the marketing of crude from the Prosperity vessel. The arrangement involves fees ranging from 26 cents to 70 cents per barrel over the market price.
Looking ahead, Minister Bharrat shared insights into Guyana’s production trajectory, anticipating a daily output of 1.2 million barrels by 2027. He attributed this growth to the ongoing production from the third FPSO, Prosperity and highlighted upcoming developments, including the construction of the One Guyana FPSO, expected to arrive next year.
Additionally, he said the Uaru FPSO is slated for deployment in 2027, further contributing to Guyana’s expanding role in the global oil market.