Royal Dutch Shell won the rights to market Guyana's first cargoes of crude ...
GEORGETOWN - Royal Dutch Shell won the rights to market Guyana’s first cargoes of crude oil, the government said on Tuesday, just days after oil production began and launched the impoverished South American country into the ranks of world suppliers.
Guyana has no history of oil production, nor any domestic refining capacity, so it launched an auction last week to sell three cargoes from the share the government is entitled to under the contract. It plans to search for a partner for a longer-term deal to market the government’s share of crude early next year.
The government’s first cargo is expected to be lifted in February. Exxon, which operates the project and holds a 45% stake in the venture, will directly lift the first cargoes, while Hess, which holds a 30% stake, will lift a cargo later in the month.
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