Guyana gets fourth oil lift

At a price of close to US$49.50 per barrel of oil, Guyana has received its fourth one million barrels of oil scheduled for this year and will get its first lift for 2021 in February next year, Vice President Bharrat Jagdeo yesterday confirmed.

It would mean that since ExxonMobil and partners CNOOC and Hess began production offshore in December last year, this country would have raked in US$185,338,324.42 in direct revenue from its oil share sales, and which is held in this country’s Sovereign Wealth Fund, in the Federal Reserve Bank of New York account

“Production was reduced due to the delay in commissioning offshore but we received our fourth lift and we expect the first lift of 2021 to be in February,” Jagdeo told Stabroek News when contacted.

“Now that projection is stable, we expect the close to 120,000 barrels per day…,” he added, while explaining that lifts will now be more regular and in a shorter timeframe. Guyana had originally been due five lifts for this year but the various challenges faced by Exxon prevented this.