News

Guyana: First oil for December

Min Jordan says revenues will be parked until after elections
…says government had ramped up preparations in anticipation of early start

First oil in Guyana can begin as soon as December, ahead of the previous March 2020 timeline and Finance Minister, Winston Jordan has stated that efforts will be made to speed up local preparations for the shipment of crude.

The announcement of this earlier timeline was made on Wednesday by HESS Corporation, a partner of ExxonMobil which holds a 30 per cent interest in the Stabroek Block. In a report on Wednesday of the Company’s Third Quarter of 2019, HESS Chief Executive Officer (CEO), John Hess said: “In September, we announced our 14th discovery in the Stabroek Block at Tripletail, offshore Guyana and are now targeting December for first oil from the Liza-1 development.”

Meanwhile, Minister Jordan told this newspaper that the revenues to come from this production will be stored in an account and parked until after March 2,2020 when a new government is elected. Back in July 2019, Director of the Department of Energy, Dr. Mark Bynoe, had informed the public that the country will be selling its own share of exported crude from oil production at Liza Phase 1.

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