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Guyana will sell its own crude

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Guyana will sell its own crude

Director, Department of Energy, Dr Mark Bynoe …Dr Bynoe eyes cargo liftings every 10 days COME 2020, when Guyana begins oil production at the Liza Phase One development, the country will be selling its own share of exported crude with predictions of crude cargo liftings every eight to 10 days.

Pedro Loyo

Crude is natural mineral oil not yet processed or refined, which is stored aboard a Floating Production Storage and Offloading (FPSO) vessel and then transferred to tankers and pipelines heading ashore. ExxonMobil’s first FPSO to Guyana, Liza Destiny, is expected to arrive here in the first week of September 2019, some two weeks ahead of the initial projections

At a press conference on Monday, Director of the Department of Energy Dr Mark Bynoe said that, aware of the risk associated with not getting this right, industry-standard documents based on the Association of International Petroleum Negotiators Crude Liftment Agreement is being applied. “All sales of crude oil from the FPSO where Guyana’s interests are concerned or Guyana’s entitlement will be via Free On Board. This means that the crude is sold to the buyer at the exit point of the FPSO and the buyer is responsible for shipping said crude. The crude will be sold in million barrel cargoes…and there will be crude cargo liftings every eight to 10 days; thus, it requires an efficient and smoothly run process. I am happy to report that the department has been working with its sister agencies and the operator to ensure that such a process is put in place so we can ensure that it is running as efficiently as possible from day one,” Dr Bynoe said

He added that one lift is likely to take between 36-48 hours. The department has hired a Commercial Specialist and a Crude Lifting and Marketing Specialist to build capacity and aid in the advancement of its mandate

With both posts expected to be filled within three weeks, Dr Bynoe said the department continues to examine ways to source the relevant expertise, using the established tender process through the National Procurement and Tender Administration Board (NPTAB), as well as receiving approval from the Cabinet. “The government will be selling its own share of exported crude lifts or crude and tender will be issued during quarter three or quarter four of 2019 for a fee-based marketing service to market the government’s share of crude oil,” he said

“The crude liftment agreement is being finalised and government will be a signatory as a lifter of crude, along with the Stabroek co-ventures.”

During normal operations, there will be at least 80 persons living and working on board the FPSO vessel. A total of 24 operations and maintenance technicians, who are currently being trained in Canada, will return in 2020 to support work on the Liza Destiny

There are numerous ways of exporting crude oil from a FPSO, as well as numerous avenues for accidents. However, risks of accidents can be somewhat controlled through passive and active measures

“Industry-standard documents based on the Association of International Petroleum Negotiators Crude Liftment Agreement is being applied. This is a document that is used throughout the industry worldwide; it sets up a mechanism for allocating the schedule of crude cargo liftings, based upon volume entitlements which are calculated, taking into account the cost recovery rules of the Petroleum Agreement

It also lays out the strict procedures for efficient crude lifting with any delays causing value loss and risk shutting in production on the FPSO. The department continues to be aware of the risk associated with not getting this right,” Dr Bynoe stated. The Liza Destiny FPSO vessel will have associated gas-treatment capacity of approximately

170 million cubic feet per day and water-injection capacity of around 200,000 barrels per day. It will be moored in water with a depth of 1,525 metres and will be able to store 1.6 million barrels of crude oil