The Ministry of Natural Resources yesterday announced that it has completed the fifth lift of crude oil from the Liza Destiny Floating Production, Storage and Offloading (FPSO) vessel in the Stabroek Block for this year, according to the Department of Public Information (DPI).
DPI said that the lift of 1,043,289.542 barrels of oil now brings Guyana’s total oil lifts for the year 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.
DPI said that the Minis-try of Natural Resources lauded the efforts of its own internal petroleum team and regulatory agencies such as 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 oil 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 said in a statement.
Guyana’s first lift for the new year, 2022, is expected in January, DPI said.
Guyana in October received US$80.4M for its latest one million barrels of oil which took its balance in an American bank account to US$534,016,987.03. Oil prices have since fallen.
This newspaper understands that the last payment was made into the New York Federal Reserve Bank on the 22nd of September. A payment is now expected for the November lift.
In September, Minister of Natural Resources Vickram Bharrat had told Stabroek News “On the 22nd of this month [September] will be our fourth lift and then we’ll have one in November. That would be the five for the year. We were pushing to have six this year but because of the issue with the gas compressor, we had to ask them to lower the production, so that there could lower flaring. Because of that we may not be able to get the 6th lift for 2021 but we would be able to get it for 2022,” he had said.
“It is very likely we will get six lifts in 2022. Also, they are bringing in a spare compressor so if this one develops problems again, they’ll replace it, so there is no down time,” he informed.
The minister had pointed out that there will be increased production in the Stabroek Block by the end of the first quarter next year, since another FPSO platform – the Liza Unity – will be working in the offshore area.
That FPSO is already here and is being connected to the spread mooring before preparation for testing and commissioning.
The Liza Phase 2 development will produce up to 220,000 barrels of oil per day from the Liza Unity FPSO, which will be supported by a total of six drill centres and approximately 30 wells.
