BP International Limited of the United Kingdom has won the bid to market the Guyanese government’s portion of the oil produced by the Liza Destiny and Liza Unity FPSO (floating production storage and offloading) vessels off the coast of Guyana.

Based on the terms of the Production Sharing Agreement, Guyana is entitled to 50 per cent of the profit oil share or 12.5 per cent each for the nation and Esso Exploration and Production Guyana Limited (EEPGL), which is led by ExxonMobil, while 75 per cent goes to cost oil.

When the contract with Aramco Trading Limited (Arabia American Oil Company) ended, the Ministry of Natural Resources issued the Request for Bids, which saw 14 offers being submitted to the National Procurement and Tender Administration Board (NPTAB). Of this, NPTAB’s Evaluation Committee recommended that the BP International be granted the contract award with a term of 12 months at a marketing price of zero dollars per barrel.

The UK oil corporation will help and advise the government of Guyana and closely collaborate with Georgetown in order to comprehend how the Liza blend’s behaviour and yields might impact price differences.

With 11 billion barrels found to date, Guyana is home to one of the largest oil discoveries over the last decade.

US oil and gas Exxon Mobil is one of the largest players in Guyana, and has been developing production in offshore Guyana at a pace that” far exceeds the industry average”.