Aramco has bagged a one-year contract from Guyana to market the crude oil produced in the South American country.
According to the media reports the country has awarded the Saudi oil giant a contract to market a cargo scheduled for September. Guyana became the world’s newest energy hotspot when a consortium led by Exxon Mobil Corp began producing crude off the country’s coast in late 2019.
It is now producing around 120,000 barrels per day, and the consortium, which also includes Hess Corp and China’s CNOOC Ltd has discovered more than 9 billion barrels of recoverable resources.
But the country lacks domestic refining capacity or a state oil company, so earlier this year it launched a search process for an agent to market its crude. Parallel talks with Indian refiners to export Guyana’s light oil to that country failed to lead to a supply contract.
