Page 10 - LatAmOil Week 16 2020

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The sources were speaking on April 20, the day before the deadline for turning in EoIs for the contract.
The government has said it will shortlist up to 20 candidates after reviewing applications from all participating companies. The shortlisted firms will then be required to prepare a full tech- nical proposal and financial offer.
The process of drawing up the shortlist could take around two months, according to Guyana’s Energy Ministry.
Reuters noted that the Guyanese contract had drawn significant interest even though the coronavirus (COVID-19) pandemic has driven global crude prices and energy demand down. “Thisisforabiggame,”oneofthesourcestold the news agency, adding that short-term price volatility was not likely to dampen interest in the long-term contract.
Guyana’s government is entitled to a share of
the oil extracted from the first stage of Liza, a field within the offshore Stabroek block, which holds more than 8bn barrels of crude in recov- erable reserves. A consortium led by the US super-major ExxonMobil began to produce oil from Liza last December and hopes eventually to push output up to 750,000 barrels per day (bpd).
Officials in Georgetown have said that the marketing agent will be expected to lift around five cargoes during the 12-month term of the contract, with around 1mn barrels in each cargo. They have also said that the government intends to only choose a partner that has at least five years of experience in crude oil marketing andtrading.
Guyana started to sell its share of crude via open-market tenders last year, since it has no refining capacity. Its first cargo was sold to Royal Dutch Shell. ™
US instructs Chevron to wrap up operations in Venezuela
Guyana is producing oil at the offshore Liza field (Image: Hess)
VENEZUELA
WASHINGTON has ordered Chevron to pre- pare for an exit from Venezuela. Earlier this week, the administration of President Donald Trump instructed the company to “wind down” its operations in the South American state by December 1.
California-based Chevron is the last major US company still active in Venezuela. Other investors have left the country in recent years, either because of disagreements with the country’s socialist government or because of
Washington’s imposition of restrictions on trade with Caracas, but Chevron has remained.
Initially, it was able to do so because it had secured a waiver from the US Treasury Depart- ment from the additional sanctions imposed in early 2019. In recent months, though, Washing- ton has taken a different stance, hinting that it was ready to take further action in its campaign against Venezuelan President Nicolas Maduro.
As such, it now expects Chevron to wrap up
its Venezuelan operations. 
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w w w . N E W S B A S E . c o m Week 16 23•April•2020