The Department of Energy (DE) has still not disclosed how much Guyana was paid per barrel (BBL) from its first crude oil cargo in February, while payment from royalty or sales has not been collected as yet.
The DE is responsible for overseeing the sale of the country’s share of oil produced and it has sold the first three cargo lifts to Shell Western Supply and Trading Limited and is now looking for a marketer for the other lifts. Apart from the price that Guyana’s initial lift was sold for or when the payments will be expected, it is also unclear what impact falling oil prices have had on the arrangement.
The Brent crude oil price for December, when production started in Guyana, was at a high of US$67.31 per barrel and in February the average was US$56 per barrel. But the figure dropped earlier this month and this week the price slumped dramatically into mid-US$30s after a row between OPEC and Russia.
