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The Noble Tom Madden vessel drilled discovery wells offshore Guyana in the Stabroek Block. (Photo: Hart Energy)

T&T’s Heritage Petroleum competes to market Guyana’s crude

The Noble Tom Madden vessel drilled discovery wells offshore Guyana in the Stabroek Block. (Photo: Hart Energy)

Trinidad and Tobago State oil company Heritage Petroleum has entered into a bidding contest to lift the Guyanese Government’s share of crude produced from Exxon’s Liza project.  

Earlier this year, in February, the Government of Guyana invited oil marketing companies to bid for a one-year contract to successfully market its entitlement to crude with a minimum production rate of five (5) lifts per annum.

The bidding process was should have closed in March but has been extended into April. So far, 34 companies have submitted bids for the one-year contract, including ExxonMobil, Shell, Equinor, Total, and trading arms of Aramco and Petrobras.

ExxonMobil began drilling at the Liza project last December with the aim of reaching a production capacity of 120,000 b/d in the first quarter of 2020. Based on projections, the entire Stabroek Block should produce up to 750,000 bpd by 2025.

In January Guyana’s Director of Energy Mark Bynoe announced that Shell Western Supply and Trading had successfully secured the first three lifts of cargoes from the Government’s share.