Oil tanker ‘Cap Philippe’ arrives today for one million barrels

Feb 13, 2020 News

Department of Energy Director, Dr. Mark Bynoe, announced yesterday that the Greece-registered crude oil tanker, Cap Philippe, which will lift Guyana’s first one million-barrel crude entitlement, will arrive today. Guyana is expected to have at least five cargoes in 2020.

Oil tanker, Cap Philippe

The vessel will be moored to the Floating Production Storage and Offloading (FPSO) vessel, the Liza Destiny, on Sunday, and the crude transfer will take place next Monday, and Tuesday.
Three cargoes of Guyana’s oil have been sold to Royal Dutch Shell Plc.
The Department of Energy (DE) has also indicated that it will be launching a Request for Proposal (RFP) shortly to recruit a marketing firm on a term basis to assist the Department in selling Guyana’s crude entitlement.
As it relates to the price Guyana’s oil is being sold for, Dr. Bynoe on Monday said he was not inclined to share details on this. He noted, however, that the department and its sister agencies are continuing to work with the operator, ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited, and two other partners, to reach consensus with regards to the Market Price Determination Procedure and Provisional Crude Oil Basket for marketing Guyana’s crude as per Article 13 of the Production Sharing Agreement.
Dr. Bynoe said, “We are aiming to conclude this process before Guyana lifts her first barrel of crude oil.”
The Energy Department Director said that reaching consensus is necessary, as it has implications for entitlement scheduling and liquidation of the cost pool, i.e., costs incurred by the operators during exploration and production activities.

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