A Trafigura-chartered vessel is now transporting a one-million-barrel cargo of Guyana’s Liza light sweet crude to India’s Mundra port, where it should arrive on April 8.
Reuters said that India has asked refiners to speed up the diversification of imports to cut their dependence on Middle Eastern crudes after OPEC+ decided in March to extend production cuts through April 2021.
In May 2020, the Ministry of Finance in Guyana reported receiving first oil payments which amounted to US$4.9 million in royalty payments for oil production at the offshore Stabroek block.
Following the start of oil production in 2020, Guyana’s Government projected significant benefits from new revenue inflows, even though the price of oil and demand for the commodity has declined because of the spread of the COVID-19 virus.
Investment in the Guyanese exploration by US companies was expected to top US$5 billion in 2020.
ExxonMobil made its 16th deep-water Guyanese discovery in January 2020. Together, the finds have made The Caribbean country’s 6.6 million-acre Stabroek Block the largest crude discovery in the decade past.