Saudi Arabian has won a bid to buy crude oil from Guyana, according to a Guyana government official.
When Gurana launched the bid last month, Aramko wanted a contract with 15 companies, but so far only one shipment has been made, Guiaya Natural Resources Minister Vikram Barat told Reuters. Barat added that the Saudi battalion may have a one-year contract, but the process is not yet complete.
Aramco is the lowest bidder in the oil bid and has offered a commission of $ 0.025 per barrel, he said.
Guyana is a newcomer to the oil industry, but has already accumulated about 9 billion barrels, as Exxon and Hess continue to make inroads. For now, they are the only real oil producers in the small South American country. The shipments to Aramco will be the country’s fourth this year.
Guyana and Suriname, the country’s largest share of the Guyana Suriname Basin, are eager to exploit their newly discovered oil reserves in the race for power.
At a Texas Coast Technology Conference last month, Guyana Vice President Barrat Jagdeo said, “We are called to leave our oil on the ground. We believe this is completely unfair. ” As a small country, we do not currently have the best operating capacity and framework for the oil industry, but we will continue to improve.
Westline Online reported last month that the Guyana Suriname Basin could see 10 excavations in 2022 as the area expands. Exxon already has six drills in Guyana, and Total Energy has deployed two in Suriname waters. According to the report, a total of 15 companies have the right to drill for development in the basin.
By Irina Slav for Oilprice.com
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