Guyana has granted Saudi Arabian Oil Company, known as Aramco, a one-year contract to market the government’s share of the crude produced in the South American country, Vice President Bharrat Jagdeo told Reuters.
In addition, the country in early September awarded Aramco a contract to market a cargo scheduled for Sept.
21-22. While Guyana was in hunt for oil firms to trade its crude, the Government also botched to reach an accord with Indian refiners to export the country’s light-grade crude oil this year.
It is worth mentioning that Guyana had emerged as one of the world’s newest fossil-fuel hotspot when a consortium led by Exxon Mobil Corp began producing crude off the country’s coast, followed by a discovery of more than 9 billion barrels of recoverable resources.