January 21, 2020
The Ministry of the Presidency, Department of Energy (DE) has announced that the oil tanker MV Yannis has successfully lifted Guyana’s first shipment of crude. The Yannis set sail today, January 21, 2021, for the USA with 1 million barrels of Guyana’s light crude.
The Guyana National Bureau of Standards (GNBS), who is responsible for the accurate measurement of Guyana’s oil, has reported that the first offloading of crude oil on the FPSO commenced on the morning of Saturday, January 18, 2020 and all activities were executed as planned.
Already, the sector has witnessed foreign direct investment (FDI) in excess of US$500 million, the creation of over 1,700 direct jobs, over 600 service providers, and the establishment of over 70 joint ventures, alliances and partnerships which continue to increase.
Oil revenues from this venture alone are projected to realize approximately US$300 million in this first year and more than tripling over the next 5 years. This is expected to directly benefit every Guyanese during this Decade of Development through the provision of revenues to develop other important sectors and provide an overall better quality of life over the long term.
