Business

Guyana May Hold Talks With India To Offer Crude

   Download Android App    Share in      FullScreen   CheckVideos

Guyana may resume talks with India to sell its petroleum shareOil manufacturer Guyana might resume talks with India for a deal to offer the government's share of crude as output rises next year, the South American nation's vice president told Reuters.Earlier this year, Indian refiners bought at least two test freights of Guyana's Liza light sweet crude.

But government-to-government negotiations on a term supply agreement stalled on cost and other contract terms, and Guyana later struck a 1 year marketing handle a system of Saudi Aramco.India's oil secretary Tarun Kapoor today stated the world's 3rd biggest oil consumer is forming a group that will unite state-run and private refiners to seek better crude import deals.Guyana produces up to 120,000 barrels daily of crude through a consortium led by Exxon Mobil from a single drifting production storage and unloading system (FPSO).

The group has actually found about 10 billion barrels of recoverable oil resources off the coast of Guyana.A 2nd production center, the Liza Unity, is anticipated to show up by year end, to begin operations in mid-2022, boosting production by 220,000 bpd.

A third, the Liza Success, also will include some 220,000 bpd from 2024.

We have far more oil coming on the market because, from early next year, we will have the new FPSO, which will be producing double the quantity than the existing FPSO , Guyana Vice President Bharrat Jagdeo informed Reuters late on Wednesday.Guyana wants to resume talks with India for future oil sales, but the Indian government will need to be competitive, Mr Jagdeo said.Liza crude, which started streaming to the market in early 2020, has actually been exported by the project's partners generally to Panama, where the oil is saved and later delivered to Asia and other locations, according to Refinitiv Eikon tracking data.Exxon also has tested the crude at its US refining system, while Guyana, which does not have refineries, has actually gotten marketing representatives to allocate its share of production.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Business


20