Government will go to tender either during the current quarter or the next for “a fee-based marketing service” to market its share of crude oil from expected oil production, according to Department of Energy Director Dr Mark Bynoe.
At a press conference yesterday, Bynoe spoke about the sale of crude oil and explained that it will be done via a Free-on-Board (FOB) system, which means that the crude will be sold to the buyer at the exit point of the Floating, Production, Storage and Offloading (FPSO) vessel, and the buyer will be responsible for its shipment.
First oil is expected next year.
