The Government is in talks with the top three companies that have submitted bids to market Guyana’s crude oil from the Liza Destiny and Liza Unity Floating Production Storage and Offloading (FPSO) vessels as well as the Prosperity FPSO, which will come on stream later this year.
At a Freedom House press conference today, Vice President, Bharrat Jagdeo, said contracts will be awarded soon.
“We received 25 bidders, we had 25 bids basically, and now they are having discussions with the top three bidders,” the Vice President said.
According to Mr. Jagdeo, in the new arrangement, Guyana will no longer be required to pay a market commission but will receive a premium for its oil sales.
“The key variable here is credibility and price. So, price now is an important factor. So, let me just say we are very pleased now with this bid because we have moved from the early period under APNU where we were paying a marketing commission to zero marketing commission, and now, we are going to get a premium in these bids. They will pay us a premium above the daily brent average,” Mr Jagdeo explained.
He said more details on the arrangement for the market and sale of the country’s crude oil will be made available soon.
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