Aramco unit wins bid for oil in Guyana

GEORGETOWN (Reuters) – Gianna has landed a unit in GE, an official said on Tuesday Saudi Arabia A bid to buy part of the country’s oil production, and the two parties are likely to enter into a one-year marketing deal.
The South American country last month received bids from 15 companies aimed at marketing its share of light crude produced off the coast by a consortium led by ExxonMobil. Guyana, an emerging oil producer, is entitled to a portion of the oil, but lacks the ability to refine it.
Natural Resources Minister Vikram Bharat told Reuters that although Guyana was initially looking for a partner to market its oil for a year, the government has currently only awarded Aramco Trading the next load, which is scheduled for September 21-22, which will be Fourth government in 2021.
Bharat added that Aramco is likely to get a one-year contract, but that process has not yet been completed. The company made the lowest compatible offers at a commission of $0.025 per barrel.
Guyana and neighboring Suriname have become the world’s newest hotspots for offshore oil exploration. The Exxon-led consortium, which also includes the New York-based China National Offshore Oil Corporation and Hess Corp, has discovered more than nine billion barrels of recoverable resources off the coast of Guyana.
India, the world’s third largest consumer and importer of crude, has sought a long-term supply arrangement with Guyana as part of a diversification of its suppliers away from OPEC countries. But Giana ruled out that possibility last month, deciding instead to go through a competitive bidding process.

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