Guyana’s next lift of a million barrels of oil is expected in May, around the same time the Department of Energy (DoE) projects that the 120,000 barrels of oil per day maximum production will be reached, but revenues received would likely be far less than the US$55M for the first lift given the current market conditions.
Why a smaller amount would be accrued, the Department of Energy’s Director Dr. Mark Bynoe reasons, is because this country decided that it would not hedge its 2020 five lifts of oil, but sell at current day Brent prices until it gets a substantive crude oil marketer to advise on future lifts.
Less money earned this year and the current global impact on the oil and gas sector is also expected to
