1-million barrels of Guyana’s crude sets sail to US, process to be repeated every 10-12 days

The MV Yannis on which Guyana’s first one million barrels of crude oil is being shipped to the United States (Photo Courtesy Google) 

The Ministry of the Presidency’s Department of Energy on Monday confirmed that the first shipment of Guyana’s rich light crude was lifted and set sail for the United States on Monday on-board the MV Yannis. The quantity shipped according to the department is one million barrels.

In a statement last evening from the Ministry of the Presidency’s Department of Energy, it was not that the process of lifting was supervised by the Guyana National Bureau of Standards and the Guyana Revenue Authority.

The crude was successfully lifted by the MV Yannis and set sail on Monday with one million barrels of Guyana’s Light crude, it was noted.

“The Guyana National Bureau of Standards (GNBS) has reported that the first offloading of crude oil on the FPSO commenced on the morning of Saturday, January 18, 2020 and all activities were executed as planned. The Guyana National Bureau of Standards is responsible for independently ensuring the accurate measurement of Guyana’s oil from the Stabroek Block.” The release added

Congratulations and appreciation to the GNBS and the Guyana Revenue Authority were extended from the Department of Energy for their sterling roles in ensuring that Guyana’s interest are protected during the lifting process the statement added. Lifts are expected approximately every 10-12 days henceforth, it was noted in the statement.

“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.” The statement also added

The Department of Energy through its statement said that already the sector has witnessed direct foreign investment 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 rise.

“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 5 years.” The statement further added.

It was also stated that this is expected to directly benefit every Guyanese during the decade of development through provision of revenues to develop other important sectors such as agriculture, energy, and manufacturing as well as vastly improve social and educational services, world-class infrastructure, increased wages, job opportunities and an overall better quality of life over the long term.

Guyana which had its first major oil find in 2015 moved to First Oil in December 2019, several months ahead of schedule.