Guyana announces fifth oil lift
November 29, 2021
The Government announced completion of the fifth lift of crude oil from the Liza Destiny Floating Production, Storage and Offloading (FPSO) vessel in the prolific Stabroek Block.
Minister of Natural Resources, Vickram Bharrat said the recent lift represents Guyana’s final lift for 2021 from this development. The lift of 1,043,289.542 barrels of oil now brings total oil lifts for 2021 to approximately 5.1 million barrels of high-quality Liza crude. This now brings the total oil lifts since first oil in 2019 to nine.
The Ministry of Natural Resources lauded the invaluable efforts of its own internal petroleum team and regulatory agencies of the Ministry of Finance (MoF), the Guyana Revenue Authority (GRA), the Guyana National Bureau of Standards (GNBS) and the Environmental Protection Agency (EPA), in safeguarding Guyana’s interest in coordinating the sales of its share of crude 0il throughout 2021.
“The Government of Guyana through the Ministry of Natural Resources will continue to build technical capacity and jointly work with all relevant stakeholders to sustainably manage the petroleum sector for the benefit of all Guyanese.”
The ministry will ensure that it refines local skillsets as it prepares to commission the Liza Unity FPSO in the first quarter of 2022. The Ministry of Public Service, through the Guyana Online Academy of Learning (GOAL) offers technical oil and gas courses to prepare citizens for this lucrative sector. The programme will begin this year and targets about 150 students. Prior to the initiation of the technical programme, GOAL introduced multiple Masters level degree programmes which will position graduates for careers in the petroleum industry. The government also intends to train locals through other means.
The last reported balance in the Natural Resources Fund (NRF) was US$534 million, according to the Ministry of Finance’ October 2021 report of the fund. The statement shows that the net balance as of October 31, 2021 stood at GY$111 billion with no outflows from the fund into the Consolidated Fund. The (PPP/C) Government will amend the laws governing the NRF to safeguard and insulate it from political manipulation. Guyana’s first lift for the new year, 2022, is expected in January .