Oil traders from Houston, Geneva and London are expected to begin bidding on Monday on some of Guyana’s first oil cargoes, Bloomberg news has reported.
Its report, ‘Traders Flock to Burgeoning Petrostate for Taste of Oil Riches,’ yesterday said traders, numbering about half a dozen, were expected to touchdown in Guyana this weekend.
The report says the government last week sent a letter to refiners around the globe inviting them to bid for 3 million barrels of Liza Blend crude, the light-sweet oil it will start exporting next year. “The catch is that the buyer must take the unusual role of handling “all operating and back office responsibilities” related to exporting the crude,” the Bloomberg report said, citing a document it has seen.
