January, 2020 [Financial World] – Guyana, the Caribbean nation on South America’s North Atlantic coast, which has roughly 4 billion barrels of oil reserves and is expected to produce 750,000 barrels of crude oil per day by 2025, had been brewing off a plan to begin a search for an oil company aimed at sharing its South American crude, Guyana’s director of the Department of Energy, Mark Bynoe, said in an interview with a press agency reporter late on Wednesday.
In point of fact, following reveal of Guyana’s latest plan, multiple analysts were quoted saying that despite the Guyanese Government’s tie-up with the Exxon Mobil Corp., its latest lookout for another potential crude oil company might indicate a move to improvise the only English-speaking South American nation’s economic outlook which has a population of less than a million.
Meanwhile, adding that the Guyanese Government would like to call for a tender as early as next month for proposals from international oil giants and energy trading firms to operate as an agent for the resource-rich smaller nation’s light & sweet crude, Mark Bynoe said late on Wednesday.
“We don’t yet have the kind of back office support that is necessary. We’re moving to this simpler methodology to be able to ensure that as we build out, we are not losing value.”
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