Guyana’s First Shipment of Crude Oil off to United States

GEORGETOWN, Guyana, Tuesday January 21, 2020 – A Marshall Islands-registered oil tanker, MV Yannis has successfully lifted Guyana’s first shipment of crude, setting sail for the United States with 1 million barrels of light crude.

The Guyana National Bureau of Standards (GNBS), which is responsible for independently ensuring the accurate measurement of Guyana’s oil from the Stabroek Block, reported that the first offloading of crude oil on the floating production storage and offloading (FPSO) commenced last Saturday morning and all activities were executed as planned.

Lifts are expected approximately every 10 to 12 days from henceforth.

“This first lift, due to the record set from discovery to production by the operator, sets Guyana firmly on its way to becoming one of the wealthiest countries on the globe per capita, according to many industry specialists,” a statement from the Department of Energy said.

Already, the sector has witnessed foreign direct investment (FDI) in excess of US$500 million, the creation of over 1,700 direct jobs, over 600 service providers, and the establishment of over 70 joint ventures, alliances and partnerships which continue to increase.

“Oil revenues from this venture alone are projected to realize approximately US$300 million in this first year and more than tripling over the next five years. This is expected to directly benefit every Guyanese during this Decade of Development through the provision of revenues to develop other important sectors such as agriculture, energy and manufacturing, as well as vastly improved social and educational services, world class infrastructure, increased wages, job opportunities and an overall better quality of life over the long term,” the Department of Energy added.

Production in Guyana commenced on December 20, 2019, less than five years after the first-ever commercial discovery at the 6.6 million acres Stabroek Block. It is expected that up to 120,000 barrels of oil per day will be produced.

To date, there has been a total of 17 oil finds in Guyana.

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