With an expectation of first oil by the end of this year, the Government of Guyana has stepped up its preparations for the sector.
At a press conference this afternoon, the Head of the Department of Energy, Dr. Mark Bynoe announced that contracts have already been signed with marketing and commercial specialist for Guyana’s share of crude oil.
He said other measures are also being put in place and those include having a third party on board the Floating Production, Storage and Offloading vessel, Liza Destiny to monitor the extraction and production.
When oil production begins, it is expected to start at around 120,000 barrels per day and Guyana will begin earning from that very first day of oil production although the Exxon company and its partners will have the first one million barrels at their disposal because of cost recovery factors.
Dr. Bynoe also announced that the Local Content Policy will be finalized in the coming weeks. The final draft was recently circulated and the feedback that was received is now being looked at.