Guyana plans to develop domestic capacity for marketing its crude oil within three to five years through partnerships with international firms and local businesses. President Mohamed Irfaan Ali announced on Thursday that his administration wants to reduce dependence on foreign traders who currently handle the nation's petroleum sales. Vice President Bharrat Jagdeo stated that private sector companies may provide marketing services to the government as the country builds expertise.
The South American nation produces more than 600,000 barrels daily from the ExxonMobil-operated Stabroek Block, and output is projected to reach 1.7 million barrels per day by 2030. British firms BB Energy and JE Energy hold current contracts to market Guyana's oil share. Ali emphasized that developing infrastructure and human capital for crude trading represents a strategic priority for the world's fastest-growing offshore oil producer.
The South American nation produces more than 600,000 barrels daily from the ExxonMobil-operated Stabroek Block, and output is projected to reach 1.7 million barrels per day by 2030. British firms BB Energy and JE Energy hold current contracts to market Guyana's oil share. Ali emphasized that developing infrastructure and human capital for crude trading represents a strategic priority for the world's fastest-growing offshore oil producer.
