ExxonMobil will take the first three liftings of crude oil from the country’s huge offshore deposits and Guyana will receive its share in its ground-breaking petroleum endeavour beginning around March next year.
While payment for its first portion from the Stabroek Block is therefore some months away, Guyana will immediately begin receiving the 2% royalty from the inaugural lifting.
Projecting oil lifting volumes offshore at 1 M barrels intervals, Director of the Department of Energy (DoE) Dr Mark Bynoe yesterday assured that this country will have measures in place such as offshore third-party verification of quantities. It will also retain a marketing firm to sell its oil by the time of the first lift. The government and the DoE have been flayed for the sloth in putting arrangements in place for first oil considering the major offshore find in May of 2015. Key legislation such as that for the proposed Petroleum Commission and Local Content Policy are still to be passed amid a political and legislative impasse.